Naural gas contango today and the pattern: UNG rises, then collapses, but bullish signs

UNG has rise somewhat in recent days, as it has been the case for the last few weeks, only to collapse back down when storage numbers are released on Thursdays.

This is the current contango.backwardation situation:

 

Currently, we have contango of 1.07%. This is on the low side, as low as it has been quite some time. Nor ally, this is  a bullish sign, but inventories are still growing too fast.

Interestingly as well, the current storage is lower than last year, 1.92Tcf vs 2.15Tcf a year ago. This is also slightly bullish: