TSLA - Off To The RACES: Natural Gas Equities Lapping FAANG Stocks

• On August 25th, 2020, I published an article titled, "Off To The RACES: Natural Gas Equities Outperforming FAANG".  The outperformance has continued since that article's publication.
• Quietly, the leading Appalachia focused natural gas equities, including Range Resources, Antero Resources, CNX Resources, EQT Corp., and Southwestern Energy have surged higher.
• The relative outperformance is camouflaged in relative anonymity, however, as more dramatic and/or hyped moves are occurring in other corners of the financial markets.
• Getting to the heart of the matter, one driver of outperformance is a structural supply deficit in natural gas, alongside many other commodities, after a decade of capital underinvestment.
• The second core driver of outperformance is a historical capital rotation as the current structure of the market transitions from headwind to tailwind.

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