US natural gas prices are showing strength heading into winter, with front-month contracts recently climbing to around $4.29 per million British thermal units. While seasonal volatility often plays a role this time of year, the underlying drivers today are more strategic, record LNG exports, restrained storage builds, and increasingly global demand dynamics are working in tandem to support a higher baseline for US gas.
November has already set new highs for LNG outflows, averaging 17.4 billion cubic feet per day, up from 16.6 in October and above anything seen previously. This export growth is structural. With firm demand from Europe and Asia, US terminals are operating near full capacity, turning domestic gas into a globally tradable asset with price implications far beyond local weather patterns.
Even with regional imbalances, such as negative spot pricing at the Waha Hub in Texas due to local pipeline constraints, the national benchmark has held its strength. This decoupling suggests the market is becoming more anchored by international flows and long‑term contracts, rather than short‑term domestic shifts.
Diversified Energy Company plc (LON:DEC) is an independent energy company engaged in the production, marketing, transportation and retirement of primarily natural gas and natural gas liquids related to its U.S. onshore upstream and midstream assets.
