VI. Commodities / Foreign Exchange ETFs Ticker Name Function DGP PowerShares 2x Long Gold ETF 2x leveraged exposure to gold price UGL ProShares 2x Long Gold ETF 2x leveraged exposure to gold price YCS ProShares 2x Short Japanese Yen ETF 2x leveraged inverse exposure to the Japanese yen (profits when the yen depreciates) PBRG Leverage 2x Long PBR ETF 2x leveraged exposure to Petrobras (Brazilian oil company) 🟢 Non-leveraged ETFs (Top 50) — Individual Explanations Non-leveraged ETFs hold underlying assets directly and are suitable for long-term allocation. I. Energy / Oil & Gas ETFs (Dominant category in the list) Ticker Name Function UGA USCF Gasoline Fund Tracks gasoline futures prices BNO USCF Brent Crude Oil Fund Tracks Brent crude oil futures USO USCF Oil Fund Tracks WTI crude oil futures USL United States 12-Month Oil Fund Tracks a 12-month rolling crude oil futures contract (smoothes volatility) OILK ProShares Crude Oil ETF Tracks crude oil futures DBO PowerShares DB Oil Fund Tracks crude oil futures OLOXF PowerShares DB Oil & LNG ETF Tracks crude oil and liquefied natural gas (LNG) XLE SPDR Energy Select Sector ETF Holds leading U.S. energy stocks (e.g., ExxonMobil, Chevron) VDE Vanguard Energy Index ETF Holds U.S. energy stocks (low expense ratio) FENY Fidelity MSCI Energy ETF Holds U.S. energy stocks IYE iShares U.S. Energy ETF Holds U.S. energy stocks IXC iShares Global Energy ETF Holds global energy stocks PXE Invesco Energy Exploration & Production ETF Holds oil & gas exploration and production companies IEO iShares U.S. Oil & Gas Exploration & Production ETF Holds U.S. oil & gas exploration and production companies XOP SPDR S&P Oil & Gas Exploration & Production ETF Holds oil & gas exploration and production companies FTXN FT Nasdaq Oil & Gas ETF Holds oil & gas companies PXI Invesco Energy Momentum ETF Holds momentum-strong stocks in the energy sector FXN FT Energy AlphaDEX Fund Selects energy stocks using the AlphaDEX strategy FCG FT Natural Gas ETF Tracks natural gas-related companies CRAK VanEck Refiners ETF Holds refining companies USAI Pacer US Energy Independence ETF Holds independent U.S. energy companies II. MLP / Energy Infrastructure ETFs (Lower drawdowns, high Calmar ratios) Ticker Name Function ATMP Barclays Select MLP ETN Tracks an MLP (Master Limited Partnership—energy pipeline partnerships) index AMZA ETFis InfraCap MLP ETF Holds MLP energy infrastructure companies MLPX Global X MLP & Energy Infrastructure ETF Holds MLPs plus broader energy infrastructure ENFR Alerian Energy Infrastructure ETF Tracks an energy infrastructure index MLPB ETRACS Alerian MLP Index ETN Tracks an MLP index AMUB ETRACS Alerian MLP Index ETN Tracks an MLP index EINC VanEck Energy Income ETF Holds energy infrastructure assets (high dividend yield) AMLP ALPS MLP Infrastructure ETF Holds MLP infrastructure assets MLPA Global X MLP ETF Holds MLPs

U.S. natural gas costs and outlook for natural gas prices

Taking into account global LNG export capacity expansion and pricing dynamics, U.S. long-term LNG supply contracts ("long-term contracts") are expected to maintain a sustained competitive advantage in both cost efficiency and supply stability. According to statistics from the International Gas Union (IGU), as of end-2022, total global LNG liquefaction export capacity stood at 478 million tonnes. The IGU forecasts that global new LNG liquefaction capacity additions from 2024 to 2028 will total approximately 130 million tonnes, of which the United States will contribute 56 million tonnes (42%), Qatar 31 million tonnes (24%), Canada and Mozambique each ~10%, and Russia ~5%. 1) In the global LNG long-term contract market, U.S. Henry Hub (HH)-linked contracts hold a strong price advantage when Brent crude oil prices exceed USD 65 per barrel. Most U.S. LNG long-term contracts are priced relative to the HH benchmark. Our calculations indicate that the delivered cost of U.S. LNG to China under such contracts ranges between USD 7.3–8.45 per million British thermal units (MMBtu). By contrast, long-term LNG contracts from other major exporters—including Qatar, Russia, and Mozambique—are typically oil-indexed. At the current Brent price of USD 80 per barrel, our estimates place the delivered cost of such oil-indexed LNG to China at approximately USD 10 per MMBtu—significantly higher than U.S. HH-linked contracts. Assuming HH prices revert to the USD 2–3 per MMBtu range, oil-indexed long-term contracts would yield a delivered cost to China of USD 8.3+ per MMBtu whenever Brent exceeds USD 65 per barrel—still above the U.S. LNG long-term contract price. We expect that, barring a sharp decline in Brent prices, long-term LNG contract prices from Qatar, Russia, and others will remain higher than those of U.S. LNG. 2) From a spot-market cost perspective, LNG spot supplies from the U.S., Canada, and Mozambique enjoy significant cost support; while spot LNG from Qatar and Russia may be priced lower, its volume remains limited. The delivered cost of U.S. LNG to China is approximately USD 7–8 per MMBtu. Canadian and Mozambican LNG export costs are broadly comparable. We estimate that these three countries will collectively account for 52% of new LNG capacity additions between 2024 and 2028. Under the cost-support logic, LNG supplies from these nations are unlikely to exert substantial downward pressure on the overall price floor over the long term. Russian and Qatari LNG export costs are comparatively low, offering potential for lower spot pricing—but volumes remain constrained. Our estimates indicate Russian LNG delivered to China costs USD 5–6 per MMBtu, and Qatari LNG about USD 3 per MMBtu. We project these two countries together will account for 29% of new LNG capacity additions from 2024 to 2028—mostly under long-term contracts—with only a small portion available as spot supply, carrying some probability of low pricing. As of end-2023, Chinese city-gas listed companies had signed a total of 10 HH-indexed LNG long-term contracts with U.S. suppliers, aggregating 12.2 million tonnes per year (equivalent to ~17.08 billion cubic meters per year). Most contracts commence execution in 2026 or 2027. ENN Group has signed five HH-indexed long-term contracts, totaling 7.4 million tonnes per year (61% of the national total), of which 0.9 million tonnes per year is already active, and 6.5 million tonnes per year will begin in 2026.

3 U.S. Energy Stocks With Direct Exposure to Asia LNG and Crude Demand

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Three U.S. energy exporters—Calumet, Infinity Natural Resources, and Targa Resources—are poised to benefit from India's increasing demand for American LNG and crude oil, potentially reducing reliance on Russian supplies.

Simply Wall Street

2026-10-28

3 U.S. Energy Stocks With Direct Exposure to Asia LNG and Crude Demand

3 U.S. Energy Stocks With Direct Exposure to Asia LNG and Crude Demand

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