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Unless you are going to buy the futures / commodity, the stocks still have plenty of downside if/when they have to reclassify their reserves based on current reserves no longer being economically feasible at the current price.
See, e.g., http://www.caseyresearch.com/cdd/natural-gas-downgrades-are-coming
futures son….
long UNG short GAZ with a weight towards UNG. Then if GAZ continues to rally above UNG you can add to the short and continue to play premium and use it to fund dips in UNG
nice