Premium members established a pair trade on the first of August, going long Natural Gas (UNG) and Short Crude Oil (DTO). Why establish this trade?

At the time of the trade, Crude Oil was up against resistance of a multi-year pennant pattern and traders had established the most crowded/lopsided position in the past 20-years. Thoughts were, if the crowd was wrong, a ton of unwinding needed to take place.

Crude oil has fallen hard since the first of August (was trading at $102). With Crude Oil down over 20%, have traders unwound the lopsided positions?

The lower inset box reflects that some unwinding has taken place, yet not near where they were when Crude was at a low just a few years ago!

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