Current natural gas very high contango: Should UNG really rebound?

The popular, yet perennial money-loser UNG dropped to under $5, then recovered a little:

Please consider the current contango situation, through the front month contract prices

Contango is at 4.5% on the two front months, and almost 8% from first to third month.  This is a really bad (high) number. Whenever this happens, UNG suffers.

Buyer beware.