Reajuste del mercado de gas natural en 2025: El aumento en las exportaciones de GNL y la demanda en el sector energético justifican la participación estratégica.

The natural gas market is undergoing a pivotal rebalancing in 2025, driven by a confluence of surging liquefied natural gas (LNG) export capacity and resilient power sector demand. As North America's LNG infrastructure expands at an unprecedented pace and global energy transitions reshape consumption patterns, investors are presented with strategic entry points to capitalize on near-term volatility and long-term structural trends.

LNG Export Capacity: A Catalyst for Supply Tightness

North America's LNG export capacity is surging, with the United States at the forefront of this transformation. By 2025, U.S. LNG export capacity is projected to rise to 14.3 billion cubic feet per day, up from 12.8 Bcf/d in 2024, as projects like Plaquemines LNG and Corpus Christi Stage III come online. Canada and Mexico are also contributing, with Canada's LNG Canada project set to begin operations in summer 2025 and Mexico adding 0.8 Bcf/d of capacity by 2028. These expansions are part of a global wave of 300+ billion cubic meters per year of new LNG capacity expected between 2025 and 2030, positioning natural gas as a critical transitional fuel in the energy transition.

However, this growth is not without risks. Delays in projects like the Golden Pass LNG Terminal in Texas could disrupt the projected supply-demand balance. For now, the market is pricing in robust demand for U.S. LNG, with Henry Hub forward prices for 2025 averaging 85 cents per million British thermal units higher than 2024 prices at this point in the year. This premium reflects concerns over declining storage inventories and the ramp-up of feed gas demand for new export terminals, which could increase by 3 Bcf/d in 2025.

Power Sector Demand: A Resilient Growth Engine

While global natural gas demand growth has slowed to below 1% in 2025 due to macroeconomic uncertainty, the U.S. power sector has bucked the trend. According to the EIA's Short-Term Energy Outlook, power sector demand for natural gas grew by 2.4% in 2025, driven by surging electricity needs from data centers and industrial users. This resilience underscores natural gas's role as a flexible, low-carbon bridge fuel in a decarbonizing grid.

Yet, this growth is not without headwinds. The forward curve for natural gas has turned bearish, with futures prices for March and April 2025 dipping below $3.20 per MMBtu as milder winter forecasts and rising production ease near-term tightness. However, the market remains in contango, where future prices trade above expected spot prices, signaling lingering concerns about winter 2025–26 supply adequacy. This structure reflects expectations that production growth will lag behind the surge in export-driven demand, particularly as new LNG projects consume an estimated 3 Bcf/d of feed gas.

Forward Curve Signals: Contango and the Path to Backwardation

The U.S. natural gas futures market is currently in contango, with prices for the winter of 2025–26 projected to rise 82% compared to current levels. This condition, where future prices exceed spot prices, typically indicates near-term oversupply or weak demand. However, the market is pricing in a potential shift to backwardation in the second half of 2025, where spot prices exceed futures prices, as supply constraints from new LNG projects and reduced drilling activity tighten balances.

This transition would be a critical signal for investors. Backwardation often reflects strong near-term demand or supply shortages, creating opportunities for leveraged instruments like the Natural Gas Short-Term Futures ETF (BOIL) to outperform. Conversely, contango environments, while bearish for leveraged ETFs, highlight the importance of strategic entry points when forward curves invert.

Strategic Entry Points for Investors

The interplay between LNG export surges and power sector demand creates a compelling case for tactical investment. Key entry points include:
1. Contango-to-Backwardation Transitions: As the market shifts toward backwardation in H2 2025, investors could position for short-term price spikes driven by supply constraints.
2. LNG Infrastructure Plays: Companies operating new export terminals, such as Venture Global LNG and Cheniere Energy, stand to benefit from the 3 Bcf/d feed gas demand increase.
3. Power Sector Exposure: Utilities and energy infrastructure firms with natural gas-fired generation capacity are well-positioned to capitalize on the 2.4% demand growth in the power sector.

However, risks remain. Macroeconomic headwinds, project delays, and the pace of renewable energy adoption could dampen demand. Investors must also monitor inventory levels, which have fallen to multi-year lows, and weather patterns that could disrupt production or consumption.

Conclusion

The natural gas market's rebalancing in 2025 is a tale of two forces: the explosive growth of LNG exports and the enduring strength of power sector demand. While contango conditions persist, the forward curve's trajectory toward backwardation and the structural tailwinds of global LNG demand justify a strategic, opportunistic approach. For investors willing to navigate near-term volatility, the coming months present a unique window to align with the energy transition's next phase.