UBS maintains a constructive outlook on US natural gas, driven by seasonal demand increases and rising LNG exports. While current high inventory levels require price discipline to avoid oversupply, potential production growth in 2027 via new pipeline infrastructure presents long-term downside risks.
Key Takeaways
- 1.US natural gas inventories remain high, providing a comfortable buffer for the upcoming winter.
- 2.Increased seasonal demand and LNG exports are expected to support prices modestly in the coming months.
- 3.New pipeline capacity in 2027 poses a downside risk to prices as it could facilitate faster production growth.
Table of Contents
- CIO View: Natural gas
- Appendix
- Risk information
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Authors
Giovanni StaunovoWayne Gordon
Themes
Energy InfrastructureSeasonal Demand
Regions
North AmericaUnited States