Summary

• The natural gas market has evolved into a complex mix of geopolitics, LNG flows, energy demand from AI, and infrastructure constraints across the US, Europe, and Asia.
• Global LNG prices appear relatively tight, while Henry Hub remains weak, highlighting the gap between local oversupply and global infrastructure bottlenecks.
• The US domestic market continues to be oversupplied: Henry Hub spot prices are hovering around 2.5-2.8 USD/MMBtu amid mild weather, elevated storage levels, and growing production.
• A new structural driver is the rapid growth in electricity demand from AI data centers.

By Anton Kharitonov

The natural gas market is no longer just a simple “commodity story” - it has evolved into a complex mix of geopolitics, LNG flows, energy demand from AI, and infrastructure constraints across the US, Europe, and Asia. Rising tensions around Iran

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