It’s not narrated by Loki.
If there’s one common feature across The Immortal Thor it’s Loki’s narration. I would argue that it’s the most important element of the book, the key feature that colours everything we experience yet is almost invisible. Ewing’s choice to tell this story through Loki telling the story is important and has carried on into The Mortal Thor, because this story is as much about Loki as it is Thor (maybe more). Avengers Inc. #3 being narrated by Janet Van Dyne like every other issue of that series makes sense and, while tying into The Immortal Thor, still functions very much as its own thing. The other tie-in issues all function as an extension of The Immortal Thor and they’ve all followed the lead of the main series in their approach with Loki narrating and folding into his larger story in some way.
Now, Roxxon Presents Thor #1 doesn’t feature Loki’s narration specifically, either. However, as I discussed in my post on that issue, the nature of that comicbook meant that Loki’s narrative influence is subtle yet still felt. Plus, that issue was something else entirely, a fiction within the world of the comic we’re reading, so it would naturally get a little latitude with how it functions. This annual, on the other hand, is firmly within the same world and, if it’s meant to be part of the larger narrative of The Immortal Thor, should function by the same narrative rules.
Ewing acknowledges this in the issue,
actually. The annual is the third in a series of connected summer annuals that
tell the story of the formation of a new Infinity Watch, each annual focusing
on one of the Infinity Gems Stones, with this one being Power. It
revolves around the Champion’s quest to regain the lost Stone, Thor seeking it
out as something to assist with his conflict with Utgard, and the current
holder, Powerstone. Thor’s entry into this story has him talking with Loki,
recapping for those who haven’t kept up, and, at the end of their scene, Loki
tells Thor, “HEED MY WARNING, THOR.
I CAN’T HELP YOU--NOT WITH THIS. / IT’S NOT MY STORY TO TELL.” At which point, Powerstone’s narrative caption
pops up with “TOO RIGHT! IT’S MY
STORY!”
This is fairly explicit in passing the narrative baton from Loki to Powerstone, so the lack of Loki’s narration is a purposeful choice on the part of Ewing. There are a few reasons that I can see for this choice. The first is that he wants to keep this annual at arm’s length. Unlike the other tie-in comics, this one truly does not factor into the larger story and he doesn’t want to pretend like it does. Ewing has a habit of being an excellent team player in that any way he can have his books join in, he’ll do it. He’ll find a way to bend his story to fit whatever event or crossover is happening, and, usually, do it quite well. Given The Immortal Thor’s popularity at the time, it’s likely that Marvel was going to do an annual with or without Ewing and he volunteered so it could fit in with the main series as smoothly as possible, while still keeping it at arm’s distance.
Which leads to the second reason: this isn’t his story really. This is an Immortal Thor comic that’s actually part of another story, so he’s making a little meta joke about the way that this is part three of the Infinity Watch annuals where Derek Landy is the actually the main writer (and writes the backup feature which is a story running through all of the annuals). Unlike Giant-Size Thor #1, which was also part of a separate line of titles, that one was more a thematic line of ‘Giant-Size’ issues where Ewing could do a little one-off that thematically works with the larger Immortal Thor story while not being absolutely essential. This issue is less thematically related and more plot-related in a manner that does not matter.
And, as it is not Ewing’s story really and it does not matter, by making it Powerstone’s story, it allows for Ewing to lead into a style and tone that doesn’t quite fit with the monthly series. This is a bit of a goofy slapstick issue that fits quite well with the himbo nature of Powerstone. If Loki were telling the story, it could still be funny, but it would be a different sort of funny. It would be witty and clever, while this is broad physical comedy akin to a Jim Carrey movie or a Looney Tunes short. While I was critical of issues 11 and 12 with the introduction of Braggi’s narration not actually altering the tone of the issues in noticeable way, Loki passing off the telling to Powerstone does make a marked difference in how this issue is told compared to the monthly.
Altogether, it creates an effect where it’s an Immortal Thor comic written by Al Ewing, but it’s actually part three of another story and he wants to be very clear that this is not like the monthly comic. Like he wants us to know that this isn’t part of that story and he doesn’t want to be a jerk about it either. It’s a neat trick that walks a fine line that still leaves me debating how ‘essential’ I consider it. He goes out of his way to imply that it’s not part of the larger story of the series, yet the way he does it is so purposeful and in keeping with the way he’s telling that story that it kind of backfires and brings it in. Which was maybe his actual intention.
For the record: it goes in my reading order right after issue 12, then Giant-Size Thor #1, then issue 13...
Instead, it’s simply the next issue of The Immortal Thor, following up on the previous where Thor, Hercules, and Loki are in a dark dimension confronted with Zeus. We learn that Zeus is basically a dry run for Thor, given to Gaea as a baby to save him from Cronus’s murderous consumption, imprinted with the Wheel, and Thor’s current test. His first test in a different dimension was to solve the riddle of the rune Raidho, which is one of Thor’s own runes. Here, again, under the spell of the rune Uruz, another one of his own name, Thor must confront another aspect of himself. He must face his forefather in the skygod pantheon of those who command lightning. It’s in the solution to the problem he faces in Zeus that The Immortal Thor annual actually makes the compelling argument for its inclusion into the official canon of the series: Thor defeats Zeus in a very similar manner to how Powerstone defeats the Champion.
Powerstone’s victory involves him, as holder of the Power Stone, sucking the power out of the Champion via thinking (albeit idiotic thoughts), while Thor sucks the power out of Zeus through endurance and will. Funnily enough, the solution comes in part via Hercules, who is generally viewed as someone who’d fall squarely in the middle of Thor and Powerstone in the brains department. He’s also the one that realises that Nyx has found a true place of power that is preferable to war on Earth in an effort to conquer it for what that’s worth. But, defeating Zeus and taking on his power, along with the mark of the Wheel, doesn’t actually solve the riddle of Uruz. Not even the wisdom of idiots can do that...
Instead, we’ll see how Thor does that next week along with Thor vol. 6 #24/750.