Over the past decade, LNG conversation has taken a stronghold in the natural gas sector. As it stands currently, the latest Lower 48 facility addition has been Plaquemines while North America is watching what is going on in Western Canada as LNG Canada has started the process of bringing on its second train.

Figure 1 | Plaquemines LNG Natural Gas Nominations – Daily and Year on Year Comparison

The additions listed above place the LNG component as the largest growth area in the natural gas space where the weekend saw the Lower 48 tap the 16.6 BCF level while Cove Point (.7 BCF/d) is offline due to its annual maintenance. Sabine is the oldest on the fleet tied to the Gulf Coast but it has increased its offtake over the past few weeks as the recent days fell in the 4.6 to 4.7 BCF/d range.

Figure 2 | LNG Exports (MMCF) – Rolling 7-Day Average

The added demand in the South Central region has helped elevate the Henry Hub cash prices in 2025 with the addition of Plaquemines in January and February (ramping up) widening the gap between the current year and the previous two years.

Figure 3 | Henry Hub Cash Price ($/MMBtu)

There are a lot of factors that go into the Henry Hub pricing dynamics as production and power burns can take over a conversation quickly. The global market demand for US natural gas via LNG does have a place in the conversation as more terminals are expected to hit the market over the next few years where the expectation is for the daily demand numbers to increase beyond 20 BCF/d within the Lower 48. Like all components tied to the natural gas market, monitoring the changes that lie ahead are important along with the discussion on their respective impact on price formation.

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