The period of low natural gas prices at the Henry Hub in the U.S. is coming to an end, analysts at Wood Mackenzie warn.
Experts forecast prices will rise to $5 per MMBtu (1 million British thermal units) by 2035, whereas for most of the past decade they have hovered between $2 and $4 per MMBtu.
“Sustained growth in electricity demand from the artificial intelligence sector and a slowdown in U.S. natural gas supply growth point to a structural shift in the factors driving Henry Hub prices,” according to a Wood Mackenzie report.
Stable gas prices have facilitated the development of LNG export infrastructure in the U.S., as well as natural gas-fired power generation, which currently meets the growing energy needs of data centers for AI development. Experts note that the continuation of these conditions is no longer guaranteed, as demand for gas continues to grow steadily, while increasing supply is becoming increasingly difficult and expensive.
“The conditions that allowed Henry Hub prices to remain at $2–4 per MMBtu for most of the past decade are no longer fully in effect,” notes Kristi Kramer, head of LNG market strategy and development at Wood Mackenzie. “Rapid field development, virtually free associated gas, and annual productivity gains kept prices consistently low. However, the impact of these favorable factors has largely run its course.”
“The power sector alone will require an additional 17 billion cubic feet of gas per day by the mid-2030s, even though the most productive parts of gas fields are already being developed. For supply to increase further, prices will have to rise,” says Kramer.
In 2025, the number of investment decisions to build new LNG export capacity in the U.S. reached a record high, and final decisions on a number of other projects are expected to be made in 2026. LNG production capacity is expected to more than double compared to current levels. In the early 2030s, the U.S. will account for more than a third of global LNG supply, and demand will continue to grow into the 2040s, experts predict.
At the same time, as the highest-quality gas fields—including those in the Permian Basin—are developed, production will become less productive and more geologically challenging, Wood Mackenzie warns.
Ukraine exported 35,000 metric tons of sunflower seeds in the 2025/2026 marketing year, according to the Ukrainian Grain Association.
The association noted that sunflower seeds have traditionally been processed primarily within the country.
Total exports of oilseeds in the 2025/2026 marketing year declined: Ukraine exported 2.7 million metric tons of soybeans, 1.82 million metric tons of rapeseed, and 35,000 metric tons of sunflower seeds.
In June 2026, the National Bank of Ukraine fined JSC “PUMB” 10 million hryvnia for violating financial monitoring regulations, the regulator announced on July 7.
According to the NBU, the violations involved inadequate verification of new and existing customers, as well as a failure to apply enhanced due diligence measures to customers with high-risk business relationships.
The regulator also pointed out the bank’s improper application of a risk-based approach. In particular, the NBU noted that the bank failed to identify a high level of risk in business relationships with clients whose ultimate beneficial owners are citizens of a state engaged in armed aggression against Ukraine.
Furthermore, according to the NBU, the bank failed to promptly notify the specially authorized body of threshold financial transactions and violated requirements regarding the termination of business relationships with clients who did not provide documents or information necessary for proper verification.
In addition to the fine, PUMB received a written warning for deficiencies in its internal financial monitoring documents. The NBU noted that these documents lacked procedures sufficient for effective risk management and for preventing the use of banking services for money laundering, terrorist financing, or the proliferation of weapons of mass destruction.
FUIB—First Ukrainian International Bank—is one of the largest private banks with Ukrainian capital. The bank has been operating since 1991 and provides services to private clients, entrepreneurs, and businesses. FUIB is classified as a systemically important bank by the NBU and serves approximately 147,000 corporate clients and 1.9 million retail clients.
According to Serbian Economist, the Albanian real estate market is showing the first signs of cooling after several years of sharp price increases. In June, the construction confidence index fell by 0.8 points, and developers revised their forecasts for future orders and prices downward, according to the Bank of Albania’s business and consumer confidence survey.
The key signal is the decline in expectations for new contracts. The balance indicator for construction orders fell to minus 26.2 points, meaning that the number of companies expecting a decline in orders significantly exceeds the share of optimists. At the same time, current construction activity remains roughly at the same level.
Prices have not yet entered a sustained decline, but developers’ expectations have weakened sharply. The price expectations index remains positive at 14 points—meaning that part of the market still expects growth—but in May the figure was 22 points, and in the spring it hovered around 30 points. This suggests not so much an immediate drop in prices as a rapid slowdown in the market.
The Bank of Albania also reports a slowdown in housing price growth. According to the Fisher Index, average prices of completed transactions rose by 11.7% compared to the previous half-year and by 28% year-over-year, but this is already lower than the rates seen in the first half of 2025, when annual growth reached 41.7%.
The cooling trend is particularly noticeable in Tirana. In the capital, the price index has remained unchanged over the past six months, and annual growth stood at only 4.4%, whereas in the first half of 2025, prices in Tirana rose by 32.6% year-over-year. According to market data, half of all transactions in the capital are now being concluded at a discount to the originally asking price.
At the same time, the coast is so far preventing the market from slowing down even further. Price growth in resort areas, including Vlora, Saranda, and Durres, is driven by foreign demand for seaside apartments and new tourist complexes. The Bank of Albania notes that coastal regions were the main contributors to the overall growth of the price index.
The paradox of the market is that demand is weakening, yet construction continues at a rapid pace. Albanian media, citing indirect tax data, report that permits for approximately 2 million square meters of construction may have been approved in the first five months of the year—a figure close to the record levels seen in 2024.
The practical conclusion for investors is simple: Albania no longer appears to be a market where prices are rising at the same rapid pace everywhere. Tirana has already approached its price ceiling, and further growth increasingly depends on project quality, location, and foreign demand. The coast remains stronger than the capital, but even there, the risk of overheating is increasing.
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Norway is now providing an additional 3 billion Norwegian kroner to strengthen Ukraine’s air defense systems, according to the Norwegian government.
“Ukraine has been successful in intercepting most drones and cruise missiles, but it needs to strengthen its defenses against ballistic missiles. This is one of Ukraine’s most urgent priorities. That is why Norway is now allocating 3 billion Norwegian kroner for air defense,” said Prime Minister Jonas Gar Støre.
On Tuesday, the prime minister met with Ukrainian President Volodymyr Zelenskyy at the NATO summit in Ankara, Turkey.
“Russia is sending hundreds of drones and missiles into Ukraine day and night. The Patriot air defense system is highly effective and can counter a wide range of threats, including ballistic missiles,” said Defense Minister Tore O. Sandvik.
Together with Denmark, Germany, and Canada, Norway will order new Patriot air defense missiles directly from the manufacturer in the United States. Norway will continue to support the U.S.-led PURL program. PURL is a NATO program for coordinating the funding and donation of advanced U.S. military equipment to Ukraine, including air defense systems. Given the long lead times for some of these missiles, Norway also plans to procure Patriot missiles from countries that already possess them to facilitate rapid donations to Ukraine.
According to the Norwegian government, Ukraine has asked its European partners to participate in the development of a specialized missile defense system. This could also be significant for the defense of Norway and other Alliance member countries. Norway is allocating funding to be able to contribute to this initiative.
“In the future, ballistic missiles could also pose a serious threat to Norway and its allies. Therefore, the Ukrainian initiative is of interest in terms of strengthening Norway’s defense capabilities,” Sandvik said.
The government noted that between 2023 and 2025, Norway provided Ukraine with air defense support totaling 30 billion Norwegian kroner. Norway is also providing significant funding to strengthen Ukraine’s air defense in 2026.
