After a years-long period of relatively low volatility, Henry Hub natural gas prices are expected to see more “peaks and valleys” ahead on growing export demand and a lack of infrastructure development, according to RBN Energy LLC President David Braziel.

LNG

On Monday, the first day of the 2020 LDC Natural Gas Forum in San Antonio, Braziel said the pace of export activity has major implications for the U.S. supply/demand balance. Liquefied natural gas (LNG) demand has grown exponentially in the past five years to 9 Bcf/d plus at the end of 2019, from zero in 2016. Feed gas volumes are exceeding 10 Bcf/d, with new production units to come online in 2021.

However, LNG “comes with a huge catch,” according to Braziel. Covid-19 “completely erased the margins” for the...