I am not a sophisticated enough trader right now to comment on trading the NG curve, but if I were to play that space buying nat gas companies would be my preferred strategy. I have no positions in energies right now. One day Id like to get more involved in trading spreads.
spread_trader11 and TraDaToR are correct re the widowmaker being the spread - I was only referring to how NG itself treated me via UNG lol. Another way to play NG could be via utility producers like DYN (but not them b/c they're in the middle of a messy buyout war). DYN got killed over the past few years b/c of the fall in NG prices. In fact one of the reasons they want to stay independent is b/c they think the company will be worth more once NG prices rebound.