Appalachian Supply Risk:

The MXP Line is a critical artery moving Marcellus/Utica gas south through the Columbia Gas system and points south on the interconnect to Columbia Gas Transmission. With ~1.9 Bcf/d of throughput essentially going to zero, upstream Appalachian producers face potential production curtailment if alternate takeaway capacity is insufficient. Total Appalachian production currently sits at ~34 Bcf/d as of 09/23/2026.

Some of the 1.9 Bcf/d volumes can be rerouted within the Northeast system. However, a significant amount of production volumes will not be able to be rerouted. An estimated 0.64 Bcf/d of production is at significant curtailment risk in the Northeast and likely won’t be rerouted. EQT, Antero, CNX, and Expand Energy are most exposed as heavy CGT shippers. Curtailment notices, should they occur, can be expected within 48 hours.

Henry Hub Pricing:

Reduction in southbound gas flow from Appalachia tightens supply at downstream delivery points (LDCs, power, industrial). The TCO-LEACH interconnect (~2.2 Bcf/d), CGT's largest delivery point connecting to Columbia Gulf/downstream markets, could see reduced nominations. This is bullish for Henry Hub and bearish for Northeast gas as less Appalachian gas reaches Gulf Coast markets.

Read the full analysis on the dashboard.

As usual, contact support@synmax.com with questions.