Natural Gas Navigator: An Eventual Demand Pull

US natural gas prices remain low relative to global benchmarks due to local supply security, but a structural demand pull from LNG exports and data centers is expected to tighten balances by 2027.

Key Takeaways

• 1.US natural gas prices are currently in a lull compared to global peers like Europe (TTF) and Asia (Spot) due to localized supply insulation.
• 2.The closure of the Strait of Hormuz has cut off 20% of world LNG, causing a massive price dislocation between the US and global markets.
• 3.Long-term demand growth for natural gas is being driven by the expansion of LNG export capacity and increasing power burn from data centers.

Table of Contents

• Three-Dimensional Pricing Graph
• US Production
• Overall US Production Trends and Outlook
• Production Trends in Major Basins
• US Consumption
• Weather Impacts
• Powerburn and Near-Term Demand
• Residential, Commercial, Industrial and Total Consumption Outlook
• May Policy Outlook
• US Exports
• Storage Dynamics
• Underground Storage Status and Outlook
• Global Gas
• US LNG Exports and Global Trade
• US LNG Export Flows Map
• US LNG Exports to Europe
• US LNG Exports to Asia
• Pricing, Positioning, and Volatility
• Positioning and Pricing
• Volatility and Seasonality
• Balance and Price Outlook
• Supply-Demand Outlook and Price Forecasts

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