US · Power & Cooling

Natural Gas & Pipelines

Most new firm AI power in the US burns gas. Pipeline takeaway, not reserves, limits where it can be delivered.

Basin→Pipeline→Lateral→Plant

Tightness score ⓘ

#38 of 56

■ Stable

Supply concentration2

Lead time4

Capex intensity4

Geopolitical exposure2

Pricing power3

Lead time

24–48 mo

Theme 1M

+8.2%

% in uptrend

100%

Metric to watch

Pipeline project approvals, data-centre gas demand estimates, and Henry Hub forward curve.

What would prove us wrong

Weakens if new pipeline capacity outruns power-burn growth.

Dependencies

Equal-weight · rebased 100 · 1Y

Stocks we track

Who controls this bottleneck

Roles, not recommendations. Delayed prices; local currency.

Stock	Role	Listing	Last	1D	1M	3M	YTD	Off 52w high	Next earnings
EQT EQT Corp	Largest US natural gas producer	NYSE US	$55.38	+1.54%	+10.6%	+3.7%	+4.2%	−18.0%	2026-10-27
WMB Williams Companies	Gas pipelines and power-innovation projects	NYSE US	$74.35	−0.71%	+7.4%	+6.3%	+26.4%	−5.0%	2026-11-02
KMI Kinder Morgan	Gas pipelines into power demand	NYSE US	$33.87	−0.29%	+10.9%	+7.9%	+26.7%	−1.6%	2026-10-21
ET Energy Transfer	Gas supply to data-centre power	NYSE US	$20.91	+0.14%	+4.0%	+4.8%	+33.6%	−3.8%	2026-11-03

Auto-updated