U.S. natural gas is having its busiest dealmaking year in a decade, and the momentum looks durable rather than cyclical. The spark is a rare alignment of structural demand drivers: a step change in power consumption from AI data centers, a new wave of liquefied natural gas capacity reaching the water, and a return of Asian buyers not just as offtakers but as equity partners, looking to bolt themselves into North American supply.

After last year’s price pullback reset expectations and cleared bid-ask spreads, the rebound in benchmark gas and the visibility of long dated contracts have pulled global capital back into shale acreage, gathering systems, pipelines and LNG terminals.

Canada Pension Plan Investment Board (CPP Investments), the largest pension fund in Canada, has laid off at least five investment professionals in its Hong Kong office as part of its decision to scale back its investments in China. Most of those who left were part of the private equity team, and one managing director responsible for the firm’s Greater China real estate portfolio was informed earlier about losing his position.

The decline in lithium prices, a crucial component in electric vehicle (EV) batteries, is exerting downward pressure on China’s mining activities for this ultralight metal. This price slump, coupled with the expensive extraction process, is prompting a reevaluation of output growth and the initiation of…