Looking at data going back to early April 1990, the average ratio of crude oil to natural gas futures prices stands at 9.38. After many traders got burned playing this spread early in the year I think its time to give it a shot. The only thing that holds me back a bit is the extreme contango on Natural Gas Futures and the consequent cost of carry. But the contango is probably near its high for the time being and may come down a bit.
This trade can be done with a long short ETF play, short United States Oil Fund (USO) and long United States Natural Gas Fund (UNG) or with a pure long short futures play, short CL Futures, long NG futures. If your patient and if you can sit tight on a volatile position, in other words if you are not afraid of a financial rollercoaster, then this trade has very good money winning odds.
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