Unpacking the Henry Hub Rally and the Forces Driving It

395 Views18 Nov 2025 17:31

SUMMARY

Surging U.S. LNG exports, stronger power demand, and shifting weather models have tightened fundamentals, driving Henry Hub futures to near three-year highs despite record output and above-average storage levels.
Henry Hub’s rally since mid-October has been driven by record LNG exports and colder winter forecasts, which outweighed rising U.S. production and above-average storage levels.
Options positioning shows short-term caution but growing medium-term optimism, with higher call interest across later contracts signaling expectations for firmer Henry Hub prices into early-2026.

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