Natural Gas and NGL Reservoir

J.P. Morgan's weekly Reservoir report highlights a constructive outlook for Mont Belvieu NGL pricing driven by strong US export demand, specifically citing Antero Resources' unhedged exposure to the trend.

Key Takeaways

• 1.Antero (AR) expects Mont Belvieu NGL pricing to strengthen relative to international benchmarks as US export capacity expands and global buyers seek alternatives to Middle East supply.
• 2.US propane exports recently surged to 2.63 MMBo/d, significantly higher than the 1Q26 average of 1.92 MMBo/d.
• 3.Lower 48 natural gas production remained flat week-over-week at 108.6 Bcf/d, with Permian declines offset by gains in Appalachia and the Gulf of Mexico.

Table of Contents

• Weekly Performance Prices
• Natural Gas Storage
• Natural Gas Production
• Natural Gas Consumption
• LNG Exports & Imports
• Natural Gas Prices
• LNG Prices
• NGL Fundamentals
• Supply & Disposition
• Propane Exports, Inventory, & International Pricing
• Rig Count

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