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!