The question for US gas is not just “what happens next,” but “what actually matters here." In this second edition of our Middle East special report, curating insights from across our research divisions, we explain why Henry Hub remains anchored to domestic fundamentals and why today’s looser, more insulated US natural gas market looks very different from the shock dynamics of 2022. We then shift to what matters next for US decision-makers: how much supply cushion does OPEC really have, and how a higher-risk environment is changing the investment case for new LNG projects, including project selection, contracting appetite and time to FID.