Henry Hub Horizons
The five-year storage average stopped describing the system you're trading in.
The most-cited number in weekly gas commentary stopped describing the system it's supposed to evaluate. What replaces the 5-year storage average.
Regime Framing
Henry Hub Horizons
Both policy levers are muted. The Henry Hub band is wider than the policy-floor framework predicts.
Policy is supposed to bound the Henry Hub band. With both levers idle, the transmission mechanism is muted and the band runs wider than the floor implies.
Henry Hub Horizons
Permian relief, Henry Hub risk: when the marginal molecule moves locations.
Today the marginal Permian molecule prices at Waha. After the takeaway wave, it prices at Henry Hub. That migration is the structural story Permian analysis is missing.
Henry Hub Horizons
AI load arrives in one of two Henry Hub regimes. The BTM pipeline sits between them.
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.