Chevron is planning to build a $5 billion blue hydrogen and ammonia facility in Port Arthur, TX, and is pursuing funding as part of the state’s HyVelocity hydrogen hub, according to media reports.

During much of June and early July 2025, the AECO-Henry Hub cash basis has been trending at its lowest levels in more than two decades (chart below).

U.S. LNG feedgas demand averaged 15.2 Bcf/d last week, up 0.56 Bcf/d from the previous week, driven by higher flows to Sabine Pass and Corpus Christi.

Alberta’s crude oil output in May 2025 dropped to a two-year low at 3.6 MMb/d, 0.1 MMb/d less than a year ago and down 0.4 MMb/d from April and the largest single month drop since April 2020 (down 0.5 MMb/d) when production was curtailed in response to COVID-driven market conditions.

The differential between the front-month CME/NYMEX Henry Hub futures contract and the NGI daily cash price at Henry Hub has grown significantly more volatile over the past 2.5 years.