Natural gas storage: more bad news for UNG, futures prices drop today

We were looking at contango just yesterday. As new storage inventories were just released a few minutes ago, prices for the front months contracts have dropped further since then:

As of 10:30AM, front months contango is 1.45%.

Storage data showed a drawdown of only 71Bcf:

Although better than last year, there was  a sharp correction on the curve. UNG responded as expected:

Also, although contract pries are higher that last Friday, UNG would be at pre reverse split levels at  a price of $5.09 today, lower than Friday!