Data centers tip US gas demand past supply by 2028

Source: BloombergNEF, Bloomberg Terminal’s MAP , DC Byte 1Q 2026 data. Note: Colors may appear “mixed” due to a single data center with capacity in multiple stages at once. Power demand from information technology (IT) load is expressed in units of megawatts capacity.

THE NUMBER

$2,970,672,573

What DTE’s 8-K says J.P. Morgan’s infrastructure investors will pay for Vantage, before adjustments for cash, debt and working capital.

LEAD STORY

$3.2T — The midterm sweep turns into an AI rout, and power stocks follow

•   The S&P 500 fell 4.4%, every sector dropped and chip stocks lost 12%, their second-worst day on record. Reuters says investors fear a Democratic Congress will slow the data center build.

•   Bloom fell 16.4% the day NTT DATA signed it for 900 MW of fuel cells, its largest international project. Oklo lost 13.2%, GE Vernova 7.5% and Vistra 6.2%. XOP fell 2.9% as WTI rose.

THE HEADLINES

MIDSTREAM

2.4 Bcf/d — TC Energy sanctions two U.S. gas expansions for Midwest power

•   Crossroads adds 1.4 Bcf/d for US$1.8 billion. American Midwest adds 1.0 Bcf/d on Northern Border for US$0.4 billion, TC’s equity share ~US$0.1 billion. Both are take-or-pay and target 2030.

•   TC also approved the C$4.9 billion Coastal GasLink Phase 2, taking it to ~4.5 Bcf/d. We ran LNG Canada’s FID Sept. 29. TC’s 2026 EBITDA outlook rises to C$11.8–12.0 billion.

MIDSTREAM

150,000 b/d — Targa adds Train 14 and orders three more Permian plants

•   Train 14 at Mont Belvieu starts in 1Q29. Targa is buying long-lead items for one more Midland plant and two more Delaware plants, on top of the three it added with Exxon in August.

•   3Q adjusted EBITDA rose 18% to $1.50 billion, and 2026 is now at least $6.0 billion. Targa expects to recommend a $6.00 dividend for 2027, up 20%. Growth capex holds at ~$5.0 billion.

UPSTREAM

1.43 MMboe/d — EOG posts record volumes and raises its dividend 8%

•   Oil, NGL and gas volumes all set records and beat guidance midpoints. EOG made $2.2 billion of free cash flow, paid $544 million of dividends and bought back $1.0 billion of stock.

•   A new JKM-linked gas sale lifts its premium-priced LNG feedgas exposure above 1 Bcf/d by 2030. EOG also approved a Janus plant expansion in the Delaware. The dividend rises to $1.10.

UTILITIES

~$3B — DTE sells Vantage to J.P. Morgan’s infrastructure investors

•   Vantage is mostly renewable projects selling power and pipeline-quality gas, plus custom energy work for industrial customers. EES Coke stays with DTE. Lazard advised DTE.

•   Closing is expected in the first half of 2027. DTE says the sale supports ~$44 billion of utility capital over five years, including spending to serve data centers.

DATA CENTERS

$19B — Google backs the debt on TeraWulf’s Anthropic campus in Kentucky

•   Google will back the debt TeraWulf raises to build Justified in Hawesville, where Anthropic’s leases total ~$19 billion. Alphabet is rated AA+ by S&P and Aa2 by Moody’s.

•   Fluor signed a definitive EPC deal for three buildings, with guaranteed maximum pricing set as engineering progresses. Handover runs from late 2027 to 2Q28. TeraWulf fell about 14%.

QUICK HITS

UPSTREAM

$1.65B — Comstock signs its definitive SOCAR deal on September’s terms

We led with the letter of intent Sept. 1. The Nov. 4 agreement keeps the same stakes and step-down, targets a year-end close and pushes Comstock’s credit facility out to 2031 once debt is retired.

UPSTREAM

11% — ConocoPhillips raises its quarterly dividend to $0.93

Third-quarter cash from operations was $7.2 billion, and ConocoPhillips returned $3.4 billion, $2.4 billion through buybacks. Output was 2,302 Mboe/d, down 2% after adjusting for asset deals.

MIDSTREAM

380 MMcf/d — Kinetik upsizes Kings Landing II by more than 25%

The cost holds at ~$260 million because key equipment came in under budget, and startup is still set for mid-2028. Kinetik also took FID on phase 1 of ECCC, lifting it ~50% to ~225 MMcf/d.

OIL

$2.40 — WTI claws back part of Wednesday’s $7.97 drop as tankers get hit

December WTI settled at $90.52. Britain’s UKMTO counts at least five vessel incidents in the Gulf since Sunday. Wednesday’s drop left both benchmarks at their lowest settles since Aug. 31.

ALMOST HEADLINES

DATA CENTERS  $15B — Google plans to spend in Malaysia in 2027–28 on campuses in Selangor and Negeri Sembilan, plus 1 GW of clean power

SOLAR  ~65% — Shoals holders would own that much of the combined company in a merger with ARRAY expected to close in 1Q27

LNG  900,000 tpy — TotalEnergies signs a 15-year HoA to supply Jiangsu Guoxin’s Rudong terminal from 2028, subject to SPAs

SOLAR  $769M — Panamint closes phase one of a $1.8B green loan for its 491 MWdc Big Rooter West solar project in Texas

MIDSTREAM  5.9 Bcf/d — Western Midstream gathers record gas and now expects 2026 capex slightly above its $1.0B high end

DATA CENTERS  Nscale — Microsoft rejects a multibillion-dollar AI deal with the UK neocloud, according to the Financial Times

THE READING LIST

FINANCIAL TIMES

Will Democrats stall the AI boom?

FT LEX

Voters have put a helpful chill on the US data centre boom

REUTERS

Soaring diesel prices helped usher in Democratic sweep

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