Ever since U.S. LNG exports commenced in 2016 from Cheniere’s Sabine Pass facility, upstream gas producers have carefully followed price differentials between Henry Hub and the prices at which LNG can be sold in other markets, notably Asia and Europe. Initially, opportunities for shippers to realize a significant arbitrage were limited, as a high proportion of U.S.-produced LNG was lifted by Asian utility players to meet their baseload supply requirements rather than traded in the burgeoning spot market. Things changed dramatically in 2022 following the Russian invasion of Ukraine, which not only led to the demise of Russian pipeline gas supplies to Europe and caused prices to spike, but also created new arbitrage opportunities for LNG shippers. In today’s RBN blog, we look at the different approaches that the “natural born drillers” in the U.S. upstream have adopted in response, each of which has a different risk/reward profile.
The RBN NATGAS Haynesville is a weekly natural gas fundamentals analysis focused on supply, flow, and LNG-driven demand dynamics within the Haynesville basin.
Gas prices at the Dutch Title Transfer Facility (TTF; green line in Figure 1 below) jumped to unprecedented levels after the Ukraine invasion, undoubtedly amplified by the fact that Russia’s state-owned Gazprom had depleted its holdings of gas in European Union (EU) storage, adding to fears of a major supply shortage. (In the year before the invasion, Russian supplies met nearly 40% of EU gas demand; see You Don’t Own Me.) That fear inevitably spilled over to other gas markets, notably Asia, causing prices — based on the JKM index (orange line) to spike — increasing the premium to the Henry Hub price in the U.S. (blue line).
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About the song
“Two Sides of the Coin” was written by Ace Frehley and appears as the second song on side two of KISS’s eighth studio album, Unmasked. The hard-rocking song about trying to make up your mind between your main squeeze and a one-night tease is powered by Frehley’s guitar and voice. Personnel on the record were: Ace Frehley (lead vocals, lead guitar, bass), Paul Stanley (rhythm guitar, backing vocals), Gene Simmons (backing vocals) and Anton Fig (drums).
Unmasked was recorded between January and March of 1980 at The Record Plant in New York City with Vini Poncia producing. Made during a tumultuous time in the band’s history, it marked a shift away from hard rock and disco-dance grooves to a more pop-oriented sound. Simmons and Stanley have gone on record saying it was a wimpy and substandard KISS album. Released in May 1980, it went to #35 on the Billboard 200 Albums chart and has been certified Gold by the Recording Industry Association of America. Five singles were released from the LP.
KISS is an American rock band formed in New York City in 1973 by bassist Gene Simmons, guitarist Paul Stanley, guitarist Ace Frehley and drummer Peter Criss. The band was initially called Wicked Lester. Known for their outlandish stage makeup and costumes, they presented an over-the-top stage show with massive lighting, fog and pyrotechnics. KISS has released 20 studio albums, 13 live albums, 14 compilation albums, two EPs and 67 singles and have sold more than 100 million records worldwide. They are members of the Rock and Roll Hall of Fame and have received Kennedy Center Honors. Ten members have passed through the band since its formation, with Simmons and Stanley in the band for the whole run. Founding member Ace Frehley died in Morristown, NJ, in October 2025 at 74. The band is on hiatus until further notice.
"About the Song" -- written by Mickey McMahan , RBN Director of Musicology
