Amid a historic natural gas price downturn and uncertainty around the future of LNG exports, the Mexico market remains a relative bright spot for bulls.

Pipeline flows of U.S. natural gas to Mexico have averaged 6.09 Bcf/d year-to-date through March 27, up 552 MMcf/d versus the same period last year, according to Wood Mackenzie data.

For full-year 2024, Mexico’s average pipeline imports are set to grow by more than 300 MMcf/d year/year, potentially crossing the 6.5 Bcf/d line, according to the firm’s latest projections.

The summer peak season “may bring monthly average volumes at or above the 7 Bcf/d mark,” Wood Mackenzie’s Ricardo Falcón, research manager for natural gas markets, told NGI. “As is typical, gas burns for power generation will continue to represent...