Henry Hub Horizons
Storage enters summer 144 Bcf above the five-year average. EIA says it ends the season above; NGSA says below. The injection season is the referee.
Henry Hub Horizons
Hyperscaler behind-the-meter gas demand is now on the order of 100 GW announced. It pulls gas from the market but not through the dispatch system traders forecast on.
ShortTherm Insight
Consensus bullish-mixed is in the strip. The asymmetry is in heat-stack-week realized burn exceeding the 40.3 Bcf/d baseline.
ShortTherm Insight
2025 coal retirements missed plan by 70%. Q1 2026 looks worse. The consensus summer power-burn forecast assumes coal comes off; the data says otherwise.
Henry Hub Horizons
AI load makes Henry Hub power burn a two-regime question through 2030. The hinge is where the load clears, and on which side of the meter.
