"On February 16, 2011 United States Natural Gas Fund, LP (the “Registrant”) issued a filing announcing a two-for-one reverse split of the units of the Registrant. The reverse unit split will take place at the close of trading on March 8, 2011 and will be effective on March 9, 2011"
UNG did not double in price overnight.
Reverse splits are used for very, very poorly performing stocks, which is certainly the case here. This is very bad news, in my view.
As we have been posting here, contango is back in full force. Contango is the UNG killer too.