its not a matter of bullish vs bearish its about manipulation and recognizing the manipulation and how to play it. The frt month price of NG starts at a set level say $2.2 then rolls to the new contract which is .2 higher. Why would you expect the price to stay .20 higher it won't it goes right back to where it was $2.2. Did the price of NG change? NOPE but UGAZ just lost 30%. Is that bullish or bearish? Nope just the reality of Contango. If you use that knowledge to your advantage you can buy DGAZ just before a contract roll if there is contango or you can ride UGAZ for a loss given everything else stays the same.
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