U.S. Natural Gas Prices Seen Flat as LNG Export Projects Face Delays
• Entire 2024 Henry Hub price curve under $4, with limited upside seen until 2025 • 2025 expected to see greater demand growth from new LNG export capacity coming online • Around 1 Bcf/day of extra demand now expected in 2024, down from previous 4-5 Bcf/day forecasts • Most North American LNG capacity additions delayed until late 2024 or pushed into 2025 • Sentiment on 2024 gas outlook has "clearly soured" due to warm winter weather and project delays