Changing dynamics of natural gas power generation demand are at play for summer 2025, while stronger production response is likely delayed to 2026. We expect up to 1.1 Bcf/day of gas-to-coal switching in summer 2025, however we flag risks of higher prices subject to weather risks and renewable availability. In 2026, we expect increase in production to alleviate such risks and push prices lower. Lastly, we address what the recession risks may mean for the US natural gas market.

Speakers:

Natasha Kaneva, Head of Global Commodities Research

Otar Dgebuadze, Vice President, Global Commodities Research

This podcast was recorded on 11, April 2025.

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