This market seems listless, the drop is of course zippo compared to the market run AND interest rates. People are really underestimating the potential higher rates have on these fake S&P earnings AND to GDP by the way of higher interest payments...let alone the way the housing market is and will keep cooling.
I dont know how much lower NG can go, its been in the graveyard for 10 years, if crude starts getting too much pricier then there will be a shift to LNG just due to cost efficiencies even with the challenge of delivery.
If you think that the complex goes lower, why go short the area that has been depressed for over ten years? Id rather consider crude since it has run more and likely has a higher beta (havent checked but looking at price change it seems so).
One thing in your favor is supply, there will not be a shortage in NG unless refiners start intentionally manipulating production, which is quite difficult given now it is acquired.
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