The world is clamoring for gas and the U.S. is taking heed. Over $50 billion is expected to flow into natural gas infrastructure projects, notably for liquefied natural gas (LNG) output set to bolster exports by 75% in five years, analysts said.
The massive expansion, which could further solidify the U.S.'s global LNG export lead over Australia and Qatar, will help meet surging demand for the fuel, mainly from Europe and Asia, as well as for AI data centers at home, experts say.
"In general terms, we are going to nearly double capacity from roughly 15.5 billion cubic feet per day (Bcf/d) now to over 30 Bcf/d by 2030," said Jack Weixel, senior director at East Daley Analytics. "If all projects proceed as planned, we should have at least 25 Bcf/d by 2028."
Project Boom
A slew of projects are currently in the pipeline across the U.S. Gulf Coast. The largest ones are Plaquemines, Corpus Christi, Golden Pass, Cameron LNG, Rio Grande, Port Arthur, CP2 and Costa Azul.
"This year, Plaquemines LNG Phase 2 is already online, Corpus Christi's Stage 3 three trains will be in operation and Golden Pass's Train 1 should be running, with 2 and 3 expected to be ready throughout 2026," Weixel detailed. "This, coupled with Costa Azul (a project based in Mexico but for U.S.-product export), will bring LNG production up by 4.5 bcf/d by summer 2026, he added.
Another 7 bcf/d will come from additional expansions at Cameron, Rio Grande, Port Arthur and CP2, according to Weixel.
If they are completed on time, the facilities will elevate U.S output (for both domestic and export supply) to 140 bcf/d by 2030 versus roughly 115 bcf/d currently, analysts said.
Export Drive
Demand for U.S. LNG is soaring, so much so that cargoes were up 22% to 69 million tons in the first eight months of 2025, according to trade intelligence provider Kpler. In October, the U.S. became the first country to export 10 million tonnes of LNG in a single month.
This has helped boost 2025’s average prices to roughly $8.00 per thousand cubic feet, the most American suppliers have received for the super-chilled liquefied fuel since 2023, according to data from the U.S. Energy Information Administration (EIA).
The trend looks set to continue for some time, experts said, driven by growing demand from Europe, Asia and Latin America. Europe's purchases have soared since the Russia-Ukraine war prompted it to seek alternative gas supplies. The Netherlands, France and Spain are the biggest buyers, absorbing two thirds of U.S. shipments.
Asia, too, is ratcheting up demand, especially Japan, South Korea and increasingly, India – a market that looks promising.
"India is going to be a big market," said Weixel. "Their AC market is 14 million to 15 million units versus 100,000 units 10 years ago. They are expected to build combined-cycle gas plants to move away from coal."
Price Uncertainty
The U.S. gas crusade, coupled with another major push by Qatar, could elevate global supply by 45% in five years, according to the International Energy Agency (IEA). This could create a supply glut, depressing prices.
"The industry is entering a period of major price swings as rising global demand runs into bottlenecks on pipeline and export infrastructure," Expand Energy CEO Nick Dell'Osso told specialist publication Semafor.
While the U.S. has no shortage of untapped gas underground, it is beginning to run low in many traditional drilling hotspots best connected to existing distribution networks, Dell’Osso also said. This could create supply disruptions and price crashes amid surging demand for AI data centers and electricity overall, he noted.
Weixel was not as alarmed, however, noting that he believes the capacity add-ons will be enough to meet America's future power needs, likely keeping prices around the historical average and well below the $9 per MMBtu peak reached in 2022. As of mid-November, natural gas prices are around $4.50 per MMBtu.
AI Data Centers and Beyond
As the AI boom encourages firms like Google or Meta to install data centers around the country, their electricity demand is forecast to rise to 12% of the total grid from up to 4% currently, according to Bryson Hull of energy consultancy HBW Resources.
The build-up may not progress as rapidly as hoped, however, mainly because of a shortage of the high-voltage transformers needed to connect the facilities to the grid. Even if they proceed as planned, Hull doesn't expect gas prices will surpass the $3.15 per MMBtu of the past 10 years as there's plenty of supply to meet demand.
As always, other unpredictable factors could drive volatility.
"You can have an extreme winter, a plant blow up, or expectations for production increases that don't materialize," said Sergio Chapa, an analyst at Poten & Partners.
"Think of what happened when Freeport LNG exploded in June 2022. We suddenly lost 2 Bcf/d and Henry Hub prices collapsed," he said. Conversely, "during the 2021 Texas freeze, all the LNG plants were taken offline and prices shot up."
Markets appear to anticipate higher prices in the near term, however. As of mid-November, Henry Hub futures are trading above $4.00 through February 2026. As investors look to manage risks tied to both seasonal and structural changes in the natural gas landscape, Henry Hub derivatives are witnessing increased demand.
"We are seeing more customers, particularly from the buy side, and banks piling into trading natural gas as it has become not just a transition fuel, but a fuel for the future," said CME Group's Global Head of Commodities Derek Sammann in a recent video.
“Think about the expansion – already [the U.S.] is the largest exporter of natural gas in the world… we are now going to be almost doubling that capacity in the next two and a half years,” said Sammann. “From a global benchmark point of view, that is very much a structural shift.”
OpenMarkets is an online magazine and blog focused on global markets and economic trends. It combines feature articles, news briefs and videos with contributions from leaders in business, finance and economics in an interactive forum designed to foster conversation around the issues and ideas shaping our industry.
All examples are hypothetical interpretations of situations and are used for explanation purposes only. The views expressed in OpenMarkets articles reflect solely those of their respective authors and not necessarily those of CME Group or its affiliated institutions. OpenMarkets and the information herein should not be considered investment advice or the results of actual market experience. Neither futures trading nor swaps trading are suitable for all investors, and each involves the risk of loss. Swaps trading should only be undertaken by investors who are Eligible Contract Participants (ECPs) within the meaning of Section 1a(18) of the Commodity Exchange Act. Futures and swaps each are leveraged investments and, because only a percentage of a contract’s value is required to trade, it is possible to lose more than the amount of money deposited for either a futures or swaps position. Therefore, traders should only use funds that they can afford to lose without affecting their lifestyles and only a portion of those funds should be devoted to any one trade because traders cannot expect to profit on every trade. BrokerTec Americas LLC (“BAL”) is a registered broker-dealer with the U.S. Securities and Exchange Commission, is a member of the Financial Industry Regulatory Authority, Inc. (www.FINRA.org), and is a member of the Securities Investor Protection Corporation (www.SIPC.org). BAL does not provide services to private or retail customers.. In the United Kingdom, BrokerTec Europe Limited is authorised and regulated by the Financial Conduct Authority. CME Amsterdam B.V. is regulated in the Netherlands by the Dutch Authority for the Financial Markets (AFM) (www.AFM.nl). CME Investment Firm B.V. is also incorporated in the Netherlands and regulated by the Dutch Authority for the Financial Markets (AFM), as well as the Central Bank of the Netherlands (DNB).
