Wood Mackenzie: Era of US$2–4/mmbtu Henry Hub natural gas prices ending as demand and supply conditions shift toward US$5/mmbtu (real) by 2035

The article argues that sustained AI-driven power demand and a maturing US natural gas supply are changing what structurally drives Henry Hub price formation. It frames the shift as a longer-term fundamental evolution rather than a near-term catalyst, with implications for how power burn and supply dynamics map to Henry Hub pricing.

Analysis

The article argues that sustained AI-driven power demand and a maturing US natural gas supply are changing what structurally drives Henry Hub price formation. It frames the shift as a longer-term fundamental evolution rather than a near-term catalyst, with implications for how power burn and supply dynamics map to Henry Hub pricing.