UNG, the etf for natural gas is trading near highs not seen since the middle of last winter. A short term bearish butterfly looks interesting  here to take advantage of a pullback that may be coming. As I write this, UNG is trading around $26.60. I am looking to place the trade below at a debit of around $1.30 per contract. Looking to close the trade at either a 10% profit or a 10% loss. Looking for UNG to decline to the $25 to $26 area in the short term. Nov 2nd expiration: Buy one 28 put Sell two 25 puts Buy one 22 put   Mark Fenton mark@sheridanmentoring.com