NGI’s Hub & Flow

Mexico’s imports of U.S. natural gas continue to break records despite macroeconomic and regulatory uncertainty. NGI senior editor Andrew Baker and Christopher Lenton, managing editor of Mexico and Latin America, discuss the demand- and supply-side factors shaping Mexico’s gas market, and why it matters for the United States. Lenton recently attended the U.S.-Mexico Gas Summit in San Antonio TX, where topics ranged from data centers to LNG terminals to the challenges facing state oil company Petróleos Mexicanos, aka Pemex. He breaks down which demand segments are growing fastest, and how they are affected by pricing dynamics north of the border.

In this episode of NGI’s Hub & Flow, NGI Markets Editor Kevin Dobbs talks with Paragon Global Markets LLC’s Steve Blair, managing director of institutional energy sales. The two discuss the summer ahead in natural gas markets, with a special focus on the densely populated and heavy gas-consuming Northeast.   Blair and Dobbs address relatively modest gas production and lingering storage deficits in the East as well as domestic weather demand expectations for the summer ahead and beyond.  Wildcards up for discussion include the ongoing buildout of the U.S. export complex and the Trump administration’s on-again, off-again tariffs on imports from Canada and Mexico.

Ben Cahill, Director for Energy Markets and Policy at the University of Texas at Austin, dives deep into the implications of the trade war on U.S. LNG demand. He discusses how geopolitical tensions and European methane regulations could reshape the LNG landscape. Cahill analyzes the balance between domestic need and export growth, while shedding light on Qatar's emerging role and shifts in global markets. With a focus on price volatility and market dynamics, this conversation brings forth critical insights for the future of natural gas.

A new player has entered North American natural gas markets with data centers to power artificial intelligence on the rise in the United States. Natural gas access to power the facilities is a top concern for the major companies involved in the sector, and demand from new data centers could have a meaningful impact on future gas growth.  NGI’s Leticia Gonzales, managing director for North American natural gas pricing, and senior markets editor Chris Newman dig into this issue. Plus, with summer just around the corner, the duo examine the current state of the market flipping the script for regional price relationships as cooling demand takes over as the major pull on gas use.

With the ramp up of two LNG projects on the Gulf Coast this year and more demand on the way in 2026, all eyes are on the swift rise in prices. But will producers be incentivized to swiftly grow production volumes after a prolonged period of low prices? NGI's Jacob Dick, senior editor of LNG, talks with East Daley Analytics’ Jack Weixel, senior director of energy analysis, about the price and production outlook headed into 2026 and how volatility may be here to stay.

NGI’s Christopher Lenton managing editor of Mexico, speaks to Sergio Chapa, senior energy analyst at Poten & Partners, on the latest trends in North American LNG and natural gas markets. Times have changed in the past few months with natural gas roaring to the forefront of the U.S. energy discussion. New LNG facilities are ramping up and other projects have taken on added impetus. How does the Trump administration in the United States impact natural gas supply and demand? How about Mexico projects sourcing U.S. gas? When are major projects like Plaquemines and Corpus Christi Stage 3 ramping up? What about Argentina's LNG ambitions? Lenton and Chapa get to the bottom of all of this and more.

NGI’sKevin Dobbs, senior markets editor, and Patrick Rau, senior vice president of research and analysis, dig into the state of natural gas fundamentals and price implications. Coming off earnings season and executive outlooks shared on analyst calls, the two discuss the various factors that could influence producers to further ramp up supply – from key price thresholds to macroeconomic conditions. They also delve into long-term demand drivers, including swelling calls by LNG facilities for feed gas and a growing number of data centers with robust energy needs. Rau and Dobbs tie together supply and demand and how the various puts and takes could line up to impact natural gas prices this year and beyond.

A harsh winter has flipped natural gas inventories from surplus to deficit, creating challenges for the upcoming summer. Producers are exercising caution despite higher prices, complicating the ability to rebuild stocks. Fluctuations in LNG demand and weather forecasts further complicate storage strategies. Regional differences in gas supply levels add to the complexity, with surpluses in some areas and deficits in others. The podcast also highlights the impact of drought conditions on energy supplies, stressing the importance of staying informed.

Ed Crooks, Vice Chair for the Americas at Wood Mackenzie, offers expert insights into the shifting landscape of the natural gas market under the Trump administration. He discusses the implications of new tariffs and their impact on North American pricing and trade relations with Canada and Mexico. The conversation touches on the future of LNG supply amidst a slowing transition to renewables and explores whether the U.S. is facing an energy emergency as AI technology develops. Crooks also highlights Europe's escalating natural gas challenges amid geopolitical tensions.

Tom Sharp, Director of Permitting Intelligence at Arbo, shares insights on the complex landscape of LNG project regulation. He discusses the recent regulatory slowdowns and the implications of agency changes under the Trump administration. Sharp examines litigation risks that threaten export projects and the intersection of environmental justice with regulatory challenges. He highlights how court rulings and NEPA regulations impact decision-making and emphasizes the need for actionable data to navigate these hurdles effectively.