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U.S. Upstream Deals Slide, but Natural Gas Stays Hot

Natural Gas Intelligence · last updated

Dealmaking for domestic upstream assets slid between July and September, marking the third consecutive quarter for lower sales, except for one bright spot: natural gas properties.

Line chart comparing NGI’s Henry Hub and Rocky Mountains regional average daily natural gas prices with WTI Cushing prompt month crude oil futures from October 2024 to October 2025, showing oil prices trending higher overall while gas prices fluctuate at lower levels.

At A Glance:

  • Buyers chase Haynesville, Anadarko assets
  • Rockies seen next for gas-focused deals
  • Asian firms drive surge in gas bids