Over the past four years natural gas markets have experienced not only huge market shocks – Russia’s invasion of Ukraine and conflict in the Middle East, for example – but also structural supply shifts. In the second half of 2025, supply growth hit double digits as new North American liquified natural gas (LNG) facilities came online at pace.

In response to these rapidly changing fundamentals, Energy Risk’s 2026 Natural gas/LNG house of the year, Macquarie Group, created tailored hedges and