so if NG continues moving up because of absurd CL:NG price ratio, you dilute your profits on CLB? CLB is an oil-focused energy service company. SPN is an NG-focused energy service company. SPN is not a hedge for CLB, though there has been a divergence over the last 3 weeks, because CLB has outperformed, and SPN underperformed.
IMO, now is the time to be buying the NG service companies, particularly those with international and offshore presence, such as SPN, OIS, HLX, etc.