UNG has recovered somewhat in recent days following the nuclear issues in Japan. Investors seem to think that natural gas will benefit from the bad image nuclear energy is getting now.
However, we we always monitor it, the contango situation is still bad, in fact it is slightly worse today. We are also right in the middle of rollover period for UNG (March 15 to March 18th, please see dates here), which is where UNG actually loses the most - every month that there is contango.
Current contango between April and May contracts is 1.79% (as of 9:20AM) ($4.084 to $4.012):
So, as usual, investor beware. Currently, 5 minutes into the session, UNG is up 0.3%
The situation is extremely volatile in Japan. Investors who believe in natural gas, there are much better ways to invest in it (see this post).