I also wonder if it could be theoretically possible for UNG to go down to near zero. With the constant rolling of contracts, it could well accumulate losses on monthly roll-outs that far exceed the drop in natural gas prices. Of course they will try to save it by constant reverse splits so that a penny per share (at pre reverse split prices) seems like it is actually worth something like a few dollars, all to try to keep the institutional investors in the game.
I still think the January 2014 puts are the way to go here.
UNG will eventually go to zero or shut-down...just look at the charts...it goes down MASSIVELY more than nat gas becaues of the rolling of contracts...UNG is the DUMBEST investment I have ever heard of...it is ONLY FOR SHORTING!