Natural Gas in 2025: Early Year Weakness, Late Year Rebound?

Significant changes to Lower 48 natural gas supply and demand are expected in 2025, potentially leading to large price impacts on Henry Hub. Next year has long been expected to be a turning point for gas prices and market balances, with a sizeable increase in LNG export demand arriving. However, continued delays to export projects and what could potentially be a decline in gas-fired power generation have pushed the anticipated bullishness toward the end of 2025. This has led us to maintain a bearish outlook for the first half of 2025 while taking…