A disruption to global liquefied natural gas supply is reshaping energy trade flows, with North America emerging as a critical source of replacement supply.
BNN Bloomberg spoke with Thomas George, president and portfolio manager at Grizzle Investment Management, about how structural supply shocks and rising AI-driven demand could support U.S. natural gas prices over the long term.
Key Takeaways
- Damage to Qatar’s LNG export capacity has tightened global supply, forcing buyers to rethink long-term sourcing strategies.
- North America is increasingly viewed as a reliable alternative, with the potential to act as a long-term energy backstop.
- LNG markets may take several years to rebalance, with supply constraints persisting as infrastructure adjusts.
- Rapid growth in AI data centres is adding a new layer of demand, with natural gas currently the fastest energy source to deploy.
- Natural gas producers tied to LNG export infrastructure could benefit from higher prices and margin expansion over time.
Read the full transcript below:
ROGER: Strikes on Qatar’s LNG hub have sent shockwaves through global energy markets. With natural gas producers poised to benefit, we’re joined now by Thomas George, president and portfolio manager at Grizzle Investment Management, to break down what this means for prices and supply. Thomas, thanks very much for joining us.
THOMAS: A pleasure to join you.
ROGER: All right, you’re calling North America the world’s energy backstop. What do you mean by that? And is that just a temporary role?
THOMAS: No, I think this is structural. This is a functional change, and something we’ve been very bullish on in the energy complex, particularly as it relates to technological disruption in the economy.
We’ve seen the value of these commodities come through, but what the current situation has really highlighted is that diversification and security of supply remain critical components of the global energy mix. North America is going to be viewed in a very different light — as a core backbone to global energy infrastructure in a world that is increasingly energy-starved, especially with the AI revolution.
ROGER: What would be the real turning point that makes you say this shift is firmly in place?
THOMAS: I think what’s happened over the last month is that turning point. If you’re a buyer of LNG, you’re now facing a situation where supply has effectively been cut off.
Looking out five or 10 years, are you really going to go back to the same supply mix, heavily reliant on Qatar? Or are you going to diversify across North America and Australia? I think that mix changes meaningfully, and the assets tied to LNG still aren’t getting the valuation they deserve when you look long term.
ROGER: Can North America handle that demand? And is there enough time to scale up?
THOMAS: In the near term, we’re clearly in a pinch point. If things normalize, which could take about a year, we think that over the next three to five years you start to see meaningful growth in the North American energy complex.
We believe the region can backstop supply. There will be bottlenecks, but higher prices will continue to reinforce the need to bring more volume out of North America.
ROGER: What role do AI data centres play in all of this?
THOMAS: AI data centres are a key driver of demand growth. The timing of this disruption couldn’t be more challenging for the global economy, given how quickly AI is increasing energy demand.
AI will use a diversified energy mix, but LNG will be a major component. Most incremental energy demand from AI in North America so far has been met by natural gas because it’s the fastest to deploy. Over time, nuclear will play a larger role, but natural gas will remain central to supporting that growth.
ROGER: You’ve got some stocks you like. Let’s start with Comstock Resources.
THOMAS: Our view is that you want exposure across the value chain. That includes LNG exporters, but also the upstream producers.
Comstock makes sense to us because of its low-cost structure — about $1 per MMBtu — versus a market closer to $3. Longer term, we think prices will need to move higher, especially when you compare to Asia and Europe, where prices are much higher. That creates a margin expansion opportunity.
ROGER: And Antero Resources?
THOMAS: Antero is similar. Comstock feeds directly into LNG terminals, while Antero and Range Resources are more tied to the Marcellus. Their costs are higher, around $2, but they’re high-quality names.
They also have more exposure to liquids, so they benefit from higher oil prices as well. It gives you a more diversified production profile alongside strong pricing advantages.
ROGER: All right, we’ll leave it there. Thomas, thanks very much for joining us.
THOMAS: A pleasure. Thank you.
ROGER: Thomas George is president and portfolio manager at Grizzle Investment Management.
---
This BNN Bloomberg summary and transcript of the March 30, 2026 interview with Thomas George are published with the assistance of AI. Original research, interview questions and added context was created by BNN Bloomberg journalists. An editor also reviewed this material before it was published to ensure its accuracy and adherence with BNN Bloomberg editorial policies and standards.
