UBS-North American Oil Gas Weekend Exploration – What s Driving Natural Gas Higher-20251116

While WTI has bounced around $60 the past six weeks, natural gas has been on apositive run. Lower48 balances are still 0.5Bcfpd oversupplied, but there are clear driversbehind the recent move in the 2026 strip from $3.75-4.00 towards $4.00-4.25 headinginto Winter. Inside this week, we show the recent uptick in LNG exports, change in theHH strip over prior periods, and given our recent focus on Global LNG, an updatedHH vs. TTF chart showing a narrowing spread. We touch on Nat Gas E&P stocksentiment as well.