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NatGas '25: Gas Marketing & Trading
6 tickers · $360.48B total market cap
Group: NatGas
The investment thesis for NatGas '25 is strongly bullish. Unprecedented demand from LNG exports and AI data centers is colliding with maturing, price-sensitive supply, driving structural price increases. Companies with robust trading and marketing platforms are poised to benefit from this demand-pull market and increased price volatility.
NatGas '25: Gas Marketing & Trading tracks 6 publicly listed stocks in this theme: BP, EXE, GLEN.LSE, MQG.AU, OKE, WMB. See the constituent table for details.
Thesis update: 2026-03-04
Constituents
Build 20260519T212339
| Company | Previous Quarter Report Date | Next Expected Report Date | Last Quarter Earnings Move % | Earnings Move % | Intra-Quarter Move % | Since Last Report % | Market cap | Weight |
|---|---|---|---|---|---|---|---|---|
BP p.l.c.BP | 04/28/2026 (BMO) | 04/28/2026 (BMO) | -1.71% | 1.81% | 19.25% | -1.41% | $119.82B | 16.6667 |
The Williams Companies, Inc.WMB | 05/04/2026 (AMC) | 05/04/2026 (AMC) | 3.33% | 0.77% | 6.02% | 4.31% | $95.01B | 16.6667 |
Macquarie Group LimitedMQG.AU | 05/08/2026 (BMO) | 05/08/2026 (BMO) | -5.65% | -0.60% | 31.22% | -0.35% | $62.11B | 16.6667 |
ONEOK, Inc.OKE | 04/28/2026 (AMC) | 04/28/2026 (AMC) | -5.78% | 0.58% | 9.13% | 7.91% | $59.07B | 16.6667 |
Expand Energy CorporationEXE | 04/28/2026 (BMO) | 04/28/2026 (BMO) | -4.35% | 4.87% | -3.24% | -0.10% | $23.55B | 16.6667 |
Glencore plcGLEN.LSE | 02/18/2026 (BMO) | — | 3.12% | — | 11.15% | — | $901.3M | 16.6667 |
| Average | -1.84% | 1.49% | 12.26% | 2.07% | $60.08B | 16.6667 | ||
| Median | -3.03% | 0.77% | 10.14% | -0.10% | $60.59B | 16.6667 | ||
| Std Dev | 3.82% | 1.86% | 10.79% | 3.51% | $40.06B | 0.0% | ||
| Min | -5.78% | -0.60% | -3.24% | -1.41% | $901.3M | 16.6667 | ||
| Max | 3.33% | 4.87% | 31.22% | 7.91% | $119.82B | 16.6667 | ||
| % Positive Tickers | 33.33% | 80.00% | 83.33% | 40.00% |
* Provisional value: before LstRpt% reaches its 2-day post-report lock window (BMO/AMC adjusted), EarningsPerf is calculated from current vs pre-report and then locks to final LstRpt%.