1、US natural gas and LNGOctober 20252Copyright 2025 Deloitte Development LLC.All rights reserved.US natural gas and LNGWhat will happen with US natural gas prices?What factors could influence their trajectory?Important trends in US natural and LNG marketsUS natural gas pricesAre prices on a long-term

2、upward trajectory?Supply-side trendsHow could oil prices and new infrastructure shape production and pricing?Demand-side trendsWill the power sector continue to drive domestic demand growth?US LNG exports How much are LNG exports from the US expected to rise?Global LNG marketsAre global LNG markets

3、headed toward a supply glut?3Copyright 2025 Deloitte Development LLC.All rights reserved.US natural gas and LNG012345678910Jan 2020May 2020Sep 2020Jan 2021May 2021Sep 2021Jan 2022May 2022Sep 2022Jan 2023May 2023Sep 2023Jan 2024May 2024Sep 2024Jan 2025May 2025Sep 2025Jan 2026May 2026Sep 2026$/MMBtuHe

4、nry Hub spotEIA ForecastNYMEX Forward CurveDue to several factors,US natural gas prices are expected to rise over the next 18 monthsSources:1EIA STEO October 2025.EIA forecasts average Henry Hub prices to rise to$3.40/MMBtu in 2025 and$3.90/MMBtu in 2026,up from$2.20/MMBtu in 2024.1Henry Hub histori

5、cal and forecast pricesWhy does this matter?Several factors indicate that US natural gas prices will likely rise over the next 18 months;although uncertainties still exist.This could potentially put upward pressure on electricity prices in the US,impacting generators,consumers,and businesses downstr

6、eam.At the same time,a global supply glut is expected to emerge between 2026-29 as global liquefaction capacity rises nearly 40%.However,lower global LNG prices could boost demand from price-sensitive countries in South and Southeast Asia.Four factors play key roles in influencing prices:1.Oil price