No he is not, if im correct he just turning all poetic and thinks he is, but I don't think he is going to stay gay for long and for Simon of all people. He offended a tatoo artist with a superpower in season 2 episode 3. The artist gives Nathan a tatoo with a name on in, which causes him to fall in love with someone with that name - which happens to be Simon.
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Nathan Young, a character from the TV show Misfits, is portrayed as heterosexual. Throughout the series, there is no indication that he is gay.