NGI’s Hub & Flow

NGI’s LNG editors Jamison Cocklin and Jacob Dick examine the market implications of Canada’s entry into large-scale LNG exports, following Shell plc’s LNG Canada facility shipping its first cargo in June.   Despite the milestone, Canadian gas prices continue falling relative to Lower 48 counterparts as the country’s producers aggressively ramp production ahead of demand. The discussion dives into the details of LNG Canada’s startup, timelines for other projects advancing on the country’s west coast, and when supply-demand rebalancing could impact U.S.-Canadian price differentials.   The duo also cover the unique advantages Canadian LNG offers, including shorter shipping times to Asia, as well the challenges like building infrastructure in remote areas.

NGI markets editor Chris Newman sits down with Bracewell partners Bryan Clark and Jared Berg to discuss how companies can tap associated gas supply in the Permian Basin to fuel innovative co-located power arrangements and potentially receive higher pricing than at the oft-volatile West Texas benchmark, Waha. While data centers housing artificial intelligence grab headlines for their massive appetite for electricity, these projects represent a broader trend of associated gas assets being monetized for various in-basin power needs. Bigger projects may solve gas supply issues, but they bring operational complexity. Clark and Berg give examples of existing and proposed off-grid uses and the challenges they face.

NGI’s managing editor of markets, Kevin Dobbs, interviews Pinebrook Energy Advisors’ Andy Huenefeld, managing partner. They delve into supplies in storage, production, weather-driven demand and export activity – with a special focus on prices in the Midwest and East. The latest U.S. Energy Information storage report showed overall inventories were 6% above the five-year average, but surpluses in the Midwest and East were notably leaner after June heat waves in those regions.  While the winter heating season is far off, natural gas storage is in a markedly different situation than last year. There are likely to be ample supplies stocked for next season, but with producers able to fast respond to cash market price signals and LNG feed gas demand bumping as export facilities ramp, Huenefeld details a dynamic season ahead.

NGI markets editors Chris Newman and Jodi Shafto discuss whether long-dormant pipeline projects in the region could finally break ground under the new administration based on Jodi’s takeaways from the recent LDC Gas Forum Northeast conference in Boston.   The duo examine the stark price divide between the pipeline haves and have nots. Appalachian gas traded near zero while New England spiked to $33.50/MMBtu this winter. With data center demand surging, the infrastructure gap could become even more critical.   They discuss industry sentiment on the prospects for reviving projects like Williams' Constitution Pipeline. They also review how the region’s gas pipelines and producers are positioned to handle explosive AI-driven demand.

NGI’s Patrick Rau, senior vice president of research and analysis, checks all the boxes in sharing his expertise about the outlook for U.S. natural gas in a sitdown with NGI’s Carolyn Davis, managing editor of news.  Where are domestic natural gas prices headed into 2026? Pat says it’s not one thing or another, as rising demand is ahead as more LNG export capacity comes online, and as industrial and residential/commercial sector consumption climbs.  E&Ps are likely waiting for bullish natural gas price signals to spur activity in the second half of 2025, but they will be accelerating their activity, according to Pat.  The odds of adding natural gas infrastructure, both midstream and by utilities, also is discussed as hyperscalers compete to build a plethora of data centers.

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.