US gas producers have spent years diligently improving their efficiency and productivity only to see benchmark gas prices languish. Now, rather than passively accepting only the meager wellhead pricing for their output, a growing number of upstream independents are adopting a new strategy by getting into the LNG portfolio game, leveraging their advanced marketing expertise to tap into higher gas pricing overseas. The evolution of US upstream gas strategies comes as LNG developers press ahead with capacity adds, even as analysts warn of a looming global supply glut later this decade. Buoyed by support from Washington and improving prices, final investment decisions (FIDs) in the US continue apace, with more expected by year-end. Traders and international oil companies have historically been the main customers for flexible US LNG volumes. But the steep growth in absolute volumes in recent years has opened up more space for other players. The US was the world's largest LNG exporter in 2024, shipping 12.6 billion cubic feet per day at the end of the year, according to the US Energy Information Administration; it's on pace to export 16 Bcf/d in 2025. Meanwhile, US liquefaction capacity is expected to double by 2030 and could move higher still. But there are fears that the US could be building into an oversupplied market, with LNG giant Qatar, among others, also looking to expand liquefaction capacity. Energy Intelligence sees a well-supplied market in the near term, possibly slipping into oversupply by 2029 depending on demand, with every additional FID over the next six months adding to the potential future supply glut. This has added urgency for buyers — portfolio players, national oil companies and, now, US E&Ps — to firm up supply deals. Many did so this week.