Technically, the natural gas contract put in a big reversal off the lows on Friday. And the fact that natural gas was unable to sustain any kind of move lower after the -81 bcf release on Thursday has to be looked at as bullish. From a risk/reward perspective, I like the idea of playing natural gas from the long side over the next couple of months as long as last week's low holds.
I remain long HNU.TO from 4.92 and HK from 20.45. I took some profits on 25-30% of these positions on Friday to reduce the risk a little and improve my average, but I think the chances are good they both see much higher prices over the next couple of months. I also particularly like DVN and may look to initiate a position in the 88-89 area if I get a chance this week.