As the U.S. and China work to ameliorate their trade differences, the natural gas markets are awaiting the result, which could either send prices skyward for Direxion Daily Natural Gas Related Bull 3X ETF (NYSEArca: GASL) for long traders or down for Direxion Daily Natural Gas Related Bear 3X Shares (NYSEArca: GASX) to appease the shorts.

Last year, the natural gas markets didn’t experience any major disruptions despite potential headwinds from Chinese tariffs. However, as the U.S. and China, both heavy consumers of natural gas, work out a permanent trade deal, it’s preventing boatloads of capital investment from entering the markets.

“They’re just the elephant in the room and until there’s clarity on where China is going to source their natural gas … then it’s hard for other buyers to make decisions about which projects to attach themselves to,” said Katie Bays, head of energy and utilities, Height Capital Markets.

Nat gas currently sits at 2.729 as of 2:30 p.m. ET–up slightly higher at 0.18 percent.

Nat Gas Markets Awaiting U.S.-China Trade Deal or Not 1