NGI’s Hub & Flow

The global energy picture shifted overnight in late February. As the Strait of Hormuz remains effectively paralyzed, the natural gas market faces a shock unlike anything seen in the 1970s or even the 2022 Russia-Ukraine crisis. In this episode of Hub & Flow, NGI sits down with Anne-Sophie Corbeau, Global Research Scholar at Columbia University, to untangle the chaos currently gripping global markets. With nearly 20% of the world’s LNG supply currently trapped or disrupted, the stakes for global energy security and for U.S. fuel exporters have never been higher.

Following a winter defined by both record-shattering cold and unseasonal warmth, NGI's Leticia Gonzales, managing director of North American natural gas pricing, joins the podcast to break down the current state of the U.S. natural gas market. From the regional pricing discrepancies in the Permian Basin to the shifting dynamics of global geopolitics following recent events in the Middle East, Gonzales provides an in-depth look at the supply/demand balance. The conversation also dives into the future of the sector and provides a summer preview, examining the rapid expansion of LNG infrastructure and the emerging role of AI data centers in driving long-term demand.

Ten years after the first LNG cargo left Sabine Pass, Charif Souki reflects on the unlikely path that helped launch the U.S.into a top global natural gas exporter. In this episode, Souki recounts the founding of Cheniere Energy Inc., the launch of Gulf Coast exports and the rapid rise of U.S. natural gas production. From technology and shale productivity gains to the next generation of LNG projects, Souki offers a candid look at how the industry transformed over the past decade — and what the next 10 years may hold.

NGI’s Jamison Cocklin, managing editor of LNG, talks with Davenport Energy’s Toby Copson, managing partner and portfolio manager, about where things stand in the Asian LNG market as winter nears an end and the restocking season approaches. Copson, an LNG trader, discusses why Asian LNG spot buying has been so sluggish and whether he expects that to change anytime soon. The conversation also covers other influences shaping the world’s largest LNG market. Copson and Cocklin explore what role Asia will play in the years ahead as more supply from the United States and elsewhere comes online and global natural gas trading expands.

NGI’s managing editor for Mexico, Christopher Lenton, is joined by senior editor Andrew Baker to break down the fallout from the latest polar vortex and how Mexico’s natural gas system managed to keep the lights on despite “astronomical” price spikes and U.S. production shut-ins. Lenton, fresh from an industry summit in Monterrey, explains why Mexico’s gas demand remains remarkably inelastic even when the U.S. market descends into chaos. The discussion explores the evolving regulatory landscape under President Claudia Sheinbaum, contrasting her “technocratic” and state-led approach with the uncertainty of the previous administration. Lenton and Baker dive into the critical lack of underground storage, the growing role of CFE and Pemex, and the burgeoning data center hub in Querétaro that is driving a new wave of industrial demand. As the market looks toward increased demand, the episode provides a clear-eyed examination of whether Mexico could truly achieve energy independence, or if its “overwhelming dependence” on U.S. molecules is simply a permanent reality.

The natural gas market is evolving faster than the pipes can keep up, creating a high-stakes environment where infrastructure is king. Jay Bhatty, founder of NatGasHub.com and author of Nat Gas Million$: Insider Secrets To Striking It Rich, joins NGI’s Chris Lenton and senior editor Andrew Baker to pull back the curtain on the world of energy trading and the "unsung heroes" of gas scheduling. Bhatty breaks down how the disconnect between surging demand, driven by LNG exports and the data center boom, as well as how limited pipeline capacity is creating massive opportunities for those who control firm transport and storage. The discussion dives into the current winter outlook, encompassing how early-season volatility and potential "fireworks" in pipeline-constrained regions like the Northeast could trigger major price dislocations. Bhatty also shares strategic insights from his career on the trading floor, explaining the shift from traditional market drivers to a new era defined by high-flexibility storage and structural demand growth. As the market braces for the next major cold snap, Bhatty provides a roadmap for navigating a volatile commodity landscape where physical delivery is becoming the ultimate competitive advantage.

In this strategic outlook for the year ahead, NGI's Christopher Lenton, managing editor of Mexico, and Patrick Rau, senior vice president of research and analysis, sit down to discuss the natural gas market in a shifting supply landscape. While industry sentiment is overwhelmingly bullish, the discussion explores a critical tension: Can a 6% Henry Hub price premium survive the current storage surplus on top of the unpredictability of winter weather? From the massive growth in LNG exports to the regulatory hurdles facing data center expansion, the conversation delves into whether North American producers can ramp up production in time to meet the 4 Bcf/d demand surge projected for the coming year.

As the new year dawns, the U.S. energy industry is facing a complex future, filled with opportunities for extending LNG exports, advancing power solutions and building infrastructure. Deloitte’s Kate Hardin joined NGI’s Carolyn Davis, managing editor-news, to offer insight about the firm’s 2026 oil and gas forecast. It’s innovation that will guide the future, Hardin said. This is the beginning of an exciting year for the oil and gas industry, as it continues expanding efficiencies and improving technologies. Could natural gas prices strengthen? Will utilities advance more natural gas-fired capacity? What about regulations and government policies? Could they stymie investments? Hardin discusses that and more in an insightful discussion.

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.