NGI’s Hub & Flow

In the latest episode of NGI’s Hub & Flow podcast, NGI’s Christopher Lenton, managing editor of Mexico, sits down with Mexico City-based energy analyst Gonzalo Monroy to explore Mexico’s deep dependence on U.S. natural gas and the country’s uphill battle to develop its own resources.    Monroy, managing director of consultancy Grupo Mexicano de Energía y Construcción, outlines how Mexico’s power sector relies on U.S. pipeline gas, while years of underinvestment and weak regulatory frameworks have left domestic production stagnant. From stalled deepwater and shale projects to the lack of natural gas storage, Monroy explains why efforts to boost production face steep economic and technical hurdles.    The conversation also delves into Mexico’s LNG ambitions, private sector interest in partnering with CFE, and the uncertain role of Pemex—painting a picture of an energy landscape where ambitious plans risk falling short, leaving Mexico tethered to U.S. supplies.  

NGI’s Andrew Baker and  Kevin Dobbs sit down for deep dive into the state of North American natural gas markets, with a particular emphasis on the western United States and Canada.   The discussion spans key factors shaping supply, demand, and price outlooks – from a coming surge in data center energy needs to abundant Canadian production and persistent infrastructure constraints. Drawing on insights from the recent LDC Gas Forum in Denver, Baker highlights the interplay of emerging demand drivers with today’s elevated supply picture.   The editors also examine what forward curves reveal about fundamentals heading into winter and beyond, offering perspective on where the market may be headed in the months ahead.

NGI’s Jamison Cocklin, managing editor of LNG, is joined by LNG Allies CEO Fred Hutchison for a wide-ranging conversation to discuss the historic buildout of natural gas export infrastructure along the Gulf Coast.   Fifteen export terminals are operating, being commissioned or are under construction. Several more are close to moving ahead. What’s driving the momentum? Will more projects be sanctioned soon? How is the industry navigating tariffs, and how is all the growth likely to impact U.S. natural gas prices? Cocklin and Hutchison answer these questions and touch on other themes shaping the direction of the industry.

In the latest episode of NGI’s Hub & Flow podcast, NGI’s Christopher Lenton, managing editor of Mexico, sits down with Rice University’s Francisco Monaldi, director of the Latin America Energy Program at the Baker Institute.    Together, they dive into the energy policy paradox in the United States, where the push for energy dominance is colliding with market realities, triggering ripple effects across global oil and gas markets.    Monaldi, a leading Latin America energy expert, outlines the challenges for Mexico’s Pemex, which faces a perfect storm of soaring debt, crumbling production, and regulatory barriers that are stifling investment and threatening Mexico’s energy future. While there are faint signs of progress through service contracts and potential projects tapping unconventional resources, Lenton and Monaldi explore why these efforts won’t be enough to reverse Pemex’s downward trajectory and dependence on U.S. natural gas imports.

This discussion dives into Canada's significant leap into LNG exports, marked by the historic shipment to South Korea. Despite this progress, Canadian gas prices are falling due to oversupply and production boosts. The editors highlight the unique advantages of Canadian LNG, such as shorter shipping times to Asia, while facing infrastructure challenges. They also explore the long-term market implications as new projects reshape demand and pricing dynamics in North America.

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.