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.