NGI’s Hub & Flow

The heating season is off to a roaring start, with forecasters calling for one of the chilliest Decembers in recent memory. IAF Advisors owner Kyle Cooper joins NGI senior editor Andrew Baker to discuss the implications for natural gas supply, demand and prices as winter gets underway. Cooper breaks down how soaring heating demand could rapidly deplete natural gas inventories, and send already elevated gas prices even higher. He cites the example of last winter, a normal one by historical standards, that nonetheless triggered a massive pull on storage in January. Cooper also discusses the impacts of record LNG exports and the evolving electricity mix on natural gas power burns and storage trends. As demand continues to rise, Cooper explains how the supply picture will evolve as producers in the Haynesville Shale, Permian Basin and Appalachia adapt to a constantly changing market.

NGI’s Jacob Dick, senior editor of LNG, sits down with Charif Souki, co-founder of Cheniere Energy Inc. and a pioneer of the U.S. LNG industry, to discuss how the critical transformation of the U.S. natural gas industry that turned the country into the world’s largest LNG exporter is reshaping global markets. Souki examines how the shale revolution, technological advances and massive resource discoveries transformed U.S. production and unlocked decades of low-cost supply.  He also notes that LNG demand has created new challenges for producers, who now depend on export markets as physical gas consumption has ballooned to unprecedented levels. He also outlines how evolving economics, higher construction costs and shifting contract structures are pushing LNG developers toward more merchant-style risk. Looking forward, Souki says ongoing technological breakthroughs, especially deeper drilling and improved productivity, continue to expand U.S. resource potential and would shape the next era of LNG growth.

Winter is coming, and so are the big questions for natural gas. From near-record storage levels and shifting weather models to surging LNG exports and price volatility, the natural gas market is facing one of its most complex setups in years. To help sort through it all, Andy Huenefeld, a seasoned energy market analyst with Pinebrook Energy Advisors and managing partner at the firm, joins NGI’s Jodi Shafto, senior markets editor, to discuss the major market drivers that could send natural gas prices soaring this winter heating season.

Poten & Partners’ Jason Feer, global head of business intelligence, joins NGI’s Jamison Cocklin, managing editor of LNG, to discuss how the rapid North American LNG export growth could slow down projects still in the development phase. They explore whether potential project delays could slow an expected LNG supply glut later in the decade, as well as how long oversupply could affect the natural gas market. Cocklin and Feer also discuss implications of the supply glut on U.S. natural gas prices and on global benchmarks, and how foreign offtakers could react to shifting prices. In the wake of six LNG projects having reached final investment decisions in 2025, they also delve into the viability of financing additional projects. 

NGI’s managing editor of Mexico, Christopher Lenton speaks with Alex Munton, global gas and LNG research lead at Rapidan Energy Group, about how the Trump administration is impacting North American natural gas markets. Munton highlights that while the industry welcomes a more favorable policy environment, rising costs are weighing heavily on upstream activity. This makes for a more complex dynamic for natural gas even as LNG demand surges. Munton also explains that the United States faces the daunting task of boosting production by roughly 20 Bcf/d to meet booming LNG exports and rising power demand. Against that backdrop, key gas plays like the Marcellus and Haynesville shales face infrastructure and cost hurdles. He also casts doubt on Mexico’s and Alaska’s LNG ambitions amid financing and logistical challenges, reinforcing why Gulf Coast terminals dominate. As affordability and energy costs become political flashpoints, Munton warns that high prices could reshape both the energy landscape and U.S. voter sentiment.

In the latest episode, NGI’s Christopher Lenton, managing editor for Mexico and Latin America, sits down with Rystad Energy partner Schreiner Parker to unpack how shifting U.S.–Latin America relations and regional politics are shaping the future of the oil and gas sector. From Mexico’s evolving import trends and Argentina’s LNG ambitions, to new opportunities emerging in Bolivia and Venezuela’s ongoing geopolitical tensions, they look into how capital flows, policy, and market fundamentals are converging across the region.

NGI’s Leticia Gonzales, managing director of North American natural gas pricing, is joined by Dave Marchese, CEO of Caliche Development Partners, to discuss the optimism and opportunities for natural gas storage development. Several storage expansions are underway in the Lower 48, particularly along the Gulf Coast. A greenfield project also has received federal approval in recent days. But financing has been a struggle for some projects, preventing them from being sanctioned and ultimately, brought into the market in a timely manner.  Gonzales and Marchese discuss the challenges and successes Caliche has found in expanding its assets in Texas and California, as well as the outlook for future storage developments to accommodate rising natural gas demand.

Natural Gas Supply Association President and CEO Dena Wiggins joined NGI”s Carolyn Davis, managing editor of news, to discuss the outlook this winter season for supply, demand and prices. Based on its deep assessment of the U.S. market, NGSA expects prices to be relatively flat compared with last winter. Market pressure is being offset by record production, even on the back of strong LNG exports and rising demand from artificial intelligence-powered data centers. Of course, there are wild cards, with weather the biggest one for the natural gas markets. Wiggins breaks down the outlook for storage and potential price volatility. A big issue on the table for the natural gas market is permit reform, which has been on the table in Congress in some form or fashion for a few years. The legislation, Wiggins said, is essential  to ensure there is enough infrastructure as demand rises. The NGSA chief says the fuel is no longer a bridge, but “foundational” to energy supplies domestically and abroad. Wiggins expects Congress will pass legislation to remove impediments to expanding the reach of U.S. natural gas, both to serve domestic and overseas markets. 

NGI’s managing editor of markets Kevin Dobbs joins colleague Leticia Gonzales, managing director of North American natural gas pricing, to size up the state of the U.S. natural gas market facing a demand explosion unlike anything it's seen in years.   The two break down what's driving the surge, from AI-powered data centers that could account for up to 8 Bcf/d demand by decade’s end to a massive LNG buildout adding another 15 Bcf/d over the next five years.   Drawing from the LDC Gas Forums Mid-Continent conference in Chicago, they tackle questions such as: Can production ramp fast enough to meet this demand? Where will the new supply come from? And with forward prices already climbing, what happens if a brutal winter throws another curveball into the mix?

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.