REpresnts the real value of the fund. A 1.50+ premium. There is no attempt by anyone why there should be a premium. Anyonw wanting to buy NG should just buy the Oct futures just like the fund does at almost 20% discount. The world is insane, I just wish I could tardwe directly with anyone buying this fund. They also have a requirement to sell OCT etween the 145th an 17th. THen they must immediatly by the NOV at 35% higher cost. So not only does UNG get you 20% less furtures contracts, you also miss the next 35% of appreciation when NG starts to rebound going into the winter.