Source: New York Times
Investment thesis
In our past release on the ProShares Ultra Bloomberg Natural Gas (BOIL), we maintained our bearish recommendation and believed that the looming cold snap had not enough strength to trigger a price spike on natural gas futures.
Thus, our view has not emerged and BOIL advanced 11.7% against us to $11.79 per share.
Going forward, U.S. natural gas storage ended the injection season slightly above the five-year average, in spite of the sharp deficit seen in the beginning of the period. Besides, we expect the recent natural