GAZB - Natural Gas Prices Poised To Grind Higher

• Natural gas prices bottomed last week and are starting to move higher.
• The latest 15-day weather outlook suggests a return to colder than normal temperatures in Lower 48.
• Fundamentals have returned to normal following the cold blast in Texas. LNG exports are picking up again.
• Lower 48 production has returned to its previous high. We expect production to trend down to ~89 Bcf/d by Spring before moving higher to ~91 Bcf/d to end the year.
• We think the play this year is to remain bullish biased with a tactical approach to trading in and out of NG producers and futures. Given the current set-up, we think being long both producers and futures is the right way to play this.

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