GAZB - Natural Gas Price Pullback Is Largely Complete Get Ready To Go Long

• We believe natural gas price pullback is nearly complete.
• The fundamental outlook for natural gas couldn't be any brighter heading into the injection season.
• US shale gas and oil producers are not guiding to any growth for this year, which means the implied deficit in the market will persist.
• Now, as we've detailed in the past, we are currently long AR and EQT to express this view that natural gas prices are undervalued. But to add to our conviction level, we will be looking at going long BOIL once the recent warmer than normal weather trend goes away.
• Based on the ECMWF-EPS long-range outlook, it appears we may not see colder than normal weather until the end of March, so this will give readers some time before going long BOIL.

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