Disclaimer

1. Scope

This disclaimer covers the Arc Research website, apps and services, including the NG Terminal, Archie chat and research agents, Archie Desk, the quote board, market reports, research stories, the knowledge graph, forecast modeling, data feeds, the Arc Research MCP servers and API, emails and notifications, and our social media posts (together, the "Service"), operated by Yard Guides, LLC, doing business as Arc Research. It forms part of our Terms of Service.

2. Information only, not advice

The Service provides data, analysis, commentary, models and tools for information and education. It is not, and should not be relied on as, investment, financial, trading, tax, accounting or legal advice. Nothing on the Service is an offer or solicitation to buy or sell any instrument, or to take part in any trading strategy.

Content on the Service is impersonal. It is not tailored to your financial situation, objectives, experience or risk tolerance, and it does not take them into account. Before you make any financial decision, consider whether it suits your circumstances and get advice from a qualified, licensed professional.

3. No registration and no advisory relationship

Arc Research is not registered with the U.S. Securities and Exchange Commission or any state as an investment adviser or broker-dealer. It is not registered with the Commodity Futures Trading Commission (CFTC) as a commodity trading advisor, commodity pool operator, futures commission merchant or introducing broker, and it is not a member of the National Futures Association (NFA). Arc Research does not manage, direct or have access to any trading account, and it does not hold client funds.

Using the Service, subscribing to it, or communicating with Arc Research, its staff or its AI agents does not create an adviser, broker, fiduciary or other professional relationship between you and Arc Research.

4. Risk of loss

Trading futures, options on futures and other leveraged instruments involves substantial risk of loss and is not suitable for everyone. Because of leverage, a small price move can produce a large loss, and you can lose more than your initial margin deposit. Commodity markets, natural gas and energy markets in particular, can be highly volatile and can gap on weather, storage reports, policy and other events. Only risk capital should be used for trading. Past performance, whether actual or indicated by historical tests, is not a guarantee of future results.

5. Hypothetical, backtested and paper trading results

The Service shows backtests, signal histories, model scores and paper trades (including Archie Desk's paper book). These are hypothetical. No real money was traded.

Hypothetical or simulated performance results have certain limitations. Unlike an actual performance record, simulated results do not represent actual trading. Also, since the trades have not been executed, the results may have under- or over-compensated for the impact, if any, of certain market factors, such as lack of liquidity. Simulated trading programs in general are also subject to the fact that they are designed with the benefit of hindsight. No representation is being made that any account will or is likely to achieve profit or losses similar to those shown.

Hypothetical results also leave out commissions, fees, slippage and the ability to hold a position through losses, and they can change when we revise data or models.

6. Models, forecasts, signals and AI-generated content

Forecasts, signals, scores, weather and demand outlooks, and model outputs are estimates based on assumptions and historical data. They can be wrong, sometimes badly, and they are not predictions or promises of what a market will do. A signal or score is not a recommendation to trade.

Archie, research agents, generated reports and summaries use large language models. AI output can be incomplete, out of date or simply wrong, and it can state errors with confidence. Check anything that matters against the primary source before you rely on it.

7. Data accuracy and third-party sources

Much of the data on the Service comes from third parties such as the EIA, NOAA, the CFTC, exchanges, market data vendors, pipeline operators and news and media sources. We do not control those sources. Data can be delayed, revised, incomplete or inaccurate, and quotes may not be real time. The Service is provided "as is" and "as available," without any warranty of accuracy, completeness, timeliness or fitness for a particular purpose. Links to third-party sites are for convenience and are not endorsements.

8. Positions and conflicts

Arc Research, its owners, employees and contributors may hold or trade positions in instruments discussed on the Service, and may do so before or after content is published.

9. Forward-looking statements

Content may include forward-looking statements about prices, supply, demand, weather or other events. These involve risks and uncertainties, and actual outcomes may differ materially. We do not undertake to update them.

10. Limitation of liability

To the fullest extent the law allows, Arc Research and its owners, employees, contributors, licensors and data providers are not liable for any loss or damage, including trading losses, lost profits or indirect or consequential damages, arising from your use of or reliance on the Service, or from any error, omission, delay or interruption in it. Some jurisdictions do not allow certain limitations, so parts of this section may not apply to you.

11. Your responsibility

You are solely responsible for your trading and investment decisions, for evaluating the merits and risks of any instrument, and for complying with the laws and regulations that apply to you. The Service is not directed at any person in any jurisdiction where its publication or use would be unlawful.

12. Changes

We may update this disclaimer at any time. The date at the top shows when it last changed. Continuing to use the Service after a change means you accept the updated disclaimer.