US shale boom poses challenge to Henry Hub benchmark
Henry Hub, the US natural gas benchmark, is being called a "broken proxy" as the shale revolution boosts production in the northeast US. But potential alternatives, such as Pennsylvania's Dominion South, will find it difficult to seize Henry's crown
For a quarter of a century, an unassuming pipeline junction in Erath, Louisiana, known as the Henry Hub has been the lodestar for US natural gas traders, sending out pricing cues for a vast array of financial products.
But over the past half-decade, the new technologies of hydraulic fracturing and horizontal drilling have redrawn the map of North American gas production. In particular, output has surged in the Marcellus Shale, the gas-rich geological formation spreading across New York, Ohio
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