The natural gas futures market deflated so far this year. However, producer stocks and sector-related exchange traded fund are rebounding.

Over the past month, the United States Natural Gas Fund (NYSEArca: UNG) declined 11.8%, whereas the First Trust ISE-Revere Natural Gas Index Fund (NYSEArca: FCG), which is comprised of natural gas exploration and production companies, increased 11.1%.

The recovering oil prices helped lift energy producers, along with natural gas companies, after months of falling oil prices dragged energy stocks down. Consequently, some traders are jumping back on the more cheaply priced energy sector.

While energy stocks have some of the highest forward price-to-earnings multiples, JPMorgan Chase analysts point out that energy sector stocks also show some of the lowest trailing P/E after the recent sell-off and weakness in the oil market, reports Michael Ide for ValueWalk.

For instance, between the June 20, 2014 high and mid-January nadir, FCG has plunged about 60%. The ETF now shows a forward P/E ratio of 29.8, according to Morningstar data, and a price-to-earnings of 14.7, according to First Trust.

Meanwhile, natural gas prices continue to plummet as the warmer temperatures across the U.S. sapped heating demand. According to the latest weekly Energy Information Administration data, natural gas storage fell by 115 billion cubic feet, compared to expectations for a 121 bcf decline, Investing reports.

While NYMEX natural gas futures rose 1.4% to $2.61 per million British thermal units Monday ahead of another winter storm across the Northeast, extended weather forecasting models project below-normal temperatures may shift to higher readings by the middle of February, capping natural gas gains.