High Grade Energy Weekly: Week ended July 10, 2026

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High Grade Energy Weekly: Week ended July 10, 2026

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High Grade Energy Weekly

Week ended July 10, 2026

Industry Overview

Energy spreads finish around flat to 5 bps tighter w-o-w 10 July 2026

HG Energy spreads finished largely around flat to 5 bps tighter w-o-w. At an Index level, High Grade Credit

we note that while oil prices have fallen more than 20% since late May, HG Pipeline and United States

HG Energy spreads have widened only a few bps over the same period. Compared to the Energy, MLPs & Pipelines

Corp Index, this is only slight underperformance, which we believe reiterates Energy’s Daniel Lungo

strong fundamentals and defensive qualities amid heightened geopolitical uncertainty. Research Analyst

BofAS

BofA raises 2H26 Henry Hub price outlook +1daniel.e.lungo@bofa.com646 855 9965

BofA Commodity Research raised its 2H26 Henry Hub forecast to $3.80/mmbtu from Gavin Andersen

$3.60/mmbtu (see report). The firmer outlook is driven by LNG feedgas demand, power ResearchBofAS Analyst

sector consumption, and lower Canadian imports more than offsetting production gavin.andersen@bofa.com

growth, resulting in the tightest balances since 2024. BofA also expects North American Peter Merlini

Research Analyst

LNG demand to increase materially over the next 18 months as new export facilities BofAS

come online across the US, Canada, and Mexico, supporting gas fundamentals. For 2027, peter.merlini@bofa.com

BofA maintained its $4.00/mmbtu Henry Hub forecast, balancing the risk of higher gas

production against the potential for slower Permian growth and cold weather to force

domestic gas to compete with global benchmarks in 1Q27. Exhibit 1: Energy has outperformed the

Corp Index this week

WMB in talks to buy Momentum?, RDSALN asset sales Weekly Excess Return (bps)