Natural Gas
Henry Hub, regional basis, storage, LNG feedgas and power burn.
AEGIS Factor Matrices: Most important variables affecting gas prices
Natural gas rally continues as weather outlook remains bullish
· Christian Drolshagen4 min read
Producers Rush to Hedge as Natural Gas Prices Explode Higher
After the Henry Hub natural gas price for February doubled, oil-and-gas producers aggressively locked in hedges. Cold weather caused the largest one-week rally since at least 1990. Oil and gas producers leaned into the historic rally in Nymex Henry Hub prices driven by Winter Storm Fern.
· Jay Stevens2 min read
February Natural Gas Surges Nearly $2 Ahead of Winter Storm
The February Henry Hub contract has risen $1.90 in the last three days, with the contract rising from $3.10/MMbtu on Friday to more than $5.00/MMbtu as o...
· Christian Drolshagen2 min read
Volatile Henry Hub Price Action Provided Opportunistic Hedging for Producers
Natural gas prices experienced a sharp increase followed by a rapid decline within the initial eleven days of December. Cold weather forecasts for Decembe...
· Jay Stevens2 min read
Next Winter's Waha Basis Gas Prices Starting to Slip?
The “bullish” part of the Waha basis curve has been getting weaker. The Winter ’26-’27 strip has come off its near year-to-date hig...
· Jay Stevens2 min read
Natural Gas Option Skew Signals Bullish Bias
The natural gas options market is continuing to provide asymmetrical upside for natural gas producers for the next four seasons. Producers with additional ...
· Ryan Alexander2 min read
Natural Gas Supply-Demand Balance Looks Tighter in Summer 2026
After what was a relatively bearish summer for natural gas in 2025, the supply-demand balance could tighten significantly in Summer 2026. Assuming ten-year...
· Christian Drolshagen2 min read
EQT Positions for the Next Gas Cycle with Operational Discipline and Global Ambition
The latest EQT earnings call showed the company moving away from managing prices through paper positions and toward influencing them through physical contr...
· Narciso Cano3 min read
Waha Prices at Multi-Year Low Foretells Future Risk
Spot and prompt month Waha basis prices sank into negative territory this month, with basis trading to -$4.50/MMbtu and fixed price falling to nearly -$2.0...
· Christian Drolshagen2 min read
IEA on Decline Rates and the Risk to Oil and Gas Supply
Conversations about the future of oil and gas markets often center on demand, how fast renewables will scale, whether policy will constrain consumption, or...
· Narciso Cano3 min read
Large Natural Gas Storage Builds Weigh on Winter Prices
After ending winter ‘24/’25 well-below the five-year average, Lower-48 natural gas storage levels have climbed very swiftly this summer. This h...
· Christian Drolshagen2 min read
Haynesville's Largest Producer to Keep 2H 2025 Production Flat
The Haynesville remains in the spotlight because it’s seen as a key source for future U.S. gas supply. More on activity here and here. Yet, its bigge...
· Jay Stevens1 min read
EQT's Q2 Call Highlights Strategic Shift Toward Demand-Linked Growth
EQT’s Q2 2025 earnings call showed a company focused less on production growth for its own sake and more on aligning gas volumes with firm, long-term...
· Narciso Cano2 min read
Kinder Morgan - Key Project Updates
Kinder’s recent 2Q earnings call provided key natural gas project updates. The company is in the process of planning or developing natural gas infras...
· Jay Stevens2 min read
Haynesville Gas Activity Rebounds as Gas Prices Rise - but Supply Questions Persist
Year-to-date (Jan 1–July 18), Henry Hub has averaged $3.66/MMBtu—up $1.25 versus the same period last year. Producers have been locking-in a...
· Jay Stevens3 min read
Falling Henry Hub Prices Lead to Basis Improvements
Prompt Henry Hub prices have fallen more than 60c from June highs; meanwhile, several basis locations have improved. There is often an inverse relationship...
· Christian Drolshagen2 min read
Mild Spring Robs Gas Bulls of Demand
Following cooler-than-normal temperatures in January and February, Lower 48 weather has been net-bearish for natural gas operators and traders holding bull...
· Jay Stevens1 min read
Summer Natural Gas Prices Suffer with Ample Supply
Natural gas prices have materially declined since their peak back in February. The August contract shown below is well off 1Q highs of nearly $5.00/MMbtu. ...
· Jay Stevens1 min read
Solar Buildout Continues, Weighing on Gas Demand
Lower-48 solar generation continues to break records The buildout of renewable capacity will likely displace some gas power demand, specifically the les...
· Christian Drolshagen2 min read
Construction on Williams' MountainWest Overthrust Pipeline Expansion Continues
The MountainWest Overthrust Pipeline (System Map) has started construction on its 325,000 Dth/d westbound expansion from Wamsutter to Opal (NWP Rockies). O...
· Ryan Alexander1 min read
Oil and Gas Activity Contracts Amid Lower Price Outlook and Cost Pressures
Oil and gas business activity across Texas, northern Louisiana, and southern New Mexico declined in the second quarter of 2025, as uncertainty rose and…
· Narciso Cano3 min read
LNG Risks to the Bullish Gas Thesis
The bullish story for natural gas over the next few years is mainly driven by the substantial increase in LNG export demand. However, this view is not with...
· Christian Drolshagen3 min read
Waha Spring '26 Prices No Longer Near Zero
Finally some good (well, okayish) news for Waha prices! Waha fixed-price gas for Spring ’26 has risen closer to $1. Future price for April 2026 are...
· Matt Marshall2 min read
Could There Be More Waha Price Pain Ahead: Then Pipeline Overbuild?
Permian gas prices face a turbulent road ahead, with stability likely only arriving once significant new pipeline capacity becomes operational in l...
· Jay Stevens2 min read