GAZB - Natural Gas Market Disagrees With Our Tight Fundamentals Assessment

• Market assessment of where storage finishes in November is in stark contrast to our prediction.
• This begs the question of where we could be wrong.
• Recent price action in natural gas producers and natural gas futures has led us to lock in profits on our positions.
• Our fundamental view is that we are still headed for a major natural gas storage deficit.
• But as we've learned the hard way, respect the market, take the variant perception, and be patient. If it means taking profits and waiting, we will do just that. And right now, it appears that's what we have to do.

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