United States Natural Gas Fund (NYSEARCA:UNG) is trading between 11 and 12 lately. Last time it was over 12, I went bearish on it by buying July $12 puts. Today those put traded at a little bit below one dollar. One dollar was my target price, but difference was too little to continue holding. WIth luck, in a month or two this trade can be repeated. Am I going to play the other way, going long UNG at 11? I don't know, I'm more bearish than bullish on natural gas right now, even though medium term trend is slightly up.