CERAWeek 2027 — S&P Global Houston Energy Conference Preview

Preview published 1 October 2026 · Updated 15 October 2026

Overview

CERAWeek by S&P Global is the world's most influential energy conference — not the largest by attendance (that distinction belongs to ADIPEC), but the most concentrated in senior decision-makers. Energy ministers, supermajor CEOs, national oil company heads, and policy architects converge in Houston each March to set the agenda for the year ahead. The conference's location in Houston — the global capital of the oil services and LNG export industries — gives it a distinctly North American perspective that complements ADIPEC's Gulf orientation.

CERAWeek 2027 will be the first post-2026 edition, arriving in the aftermath of the 2025 crude price cycle (the decline and partial recovery) and with US energy policy shaped by the political environment following the 2024 US election. For previous editions, see our coverage of CERAWeek 2026 and CERAWeek 2025.

Expected key themes for CERAWeek 2027

1. Post-2025 cycle: where is oil headed?

The 2025 oil price decline — driven by weakening China demand, OPEC+ production increases, and resilient US shale — and subsequent partial recovery to the $78–85/bbl range will dominate market discussion. CERAWeek 2027 will probe: Is the bottom in? What is the realistic ceiling? How will OPEC+ manage production in a world where non-OPEC supply keeps growing? For the context of 2025, see our analysis of the 2025 oil price decline.

2. US LNG dominance and contract renegotiations

The US has become the world's largest LNG exporter. By early 2027, several new facilities will have come online or be in advanced construction: Plaquemines LNG, Corpus Christi Stage 3, CP2 LNG FID and construction. CERAWeek 2027 will examine whether this wave of US LNG supply is being absorbed by Asian demand or creating global oversupply pressure, and how European buyers are managing their post-crisis long-term LNG portfolios. See our coverage from Gastech 2025 for the LNG supply context.

3. AI, data centres, and power demand as an energy wildcard

The explosive growth of AI model training and inference is creating a step-change in electricity demand. US power consumption, which had been broadly flat for 15 years, has begun growing again. This increases demand for natural gas for power generation (gas provides the dispatchable backup to variable renewables) and has direct implications for LNG export volumes that might otherwise have gone overseas. CERAWeek 2027 will likely feature extended sessions on how AI energy demand is being incorporated into infrastructure planning.

4. Energy transition: acceleration or stall?

CERAWeek has been a recurring battleground between those who see energy transition as an irreversible accelerating force and those who argue oil demand resilience has been underestimated. The 2025–2026 period has seen both: record EV sales in China but stubborn oil demand growth in India and the Global South. The debate at CERAWeek 2027 will centre on when (and whether) global oil demand peaks, and what it means for capital allocation decisions with 20–30 year payback horizons.

5. Energy security: the new geopolitical normal

The Russia-Ukraine conflict, trade fragmentation, and Middle East tensions have firmly re-established energy security as a primary policy objective alongside or ahead of energy transition. CERAWeek 2027 will examine how producing and consuming countries are repositioning supply chains, strategic reserves, and long-term contracts to manage a world of persistent geopolitical risk.

US LNG: from exporter to global price setter

The United States exported record LNG volumes in 2026, establishing itself as the marginal supplier to both European and Asian markets. This gives US gas prices (Henry Hub) a growing influence on global LNG prices — a fundamental shift from the pre-2016 era when US gas was purely domestic. The JKM (Japan-Korea Marker) and European TTF prices now broadly trade at Henry Hub plus US liquefaction and shipping costs, with the spread narrowing or widening based on regional demand tightness.

AI and data centre energy demand

US hyperscaler data centre buildout for AI workloads is estimated to require 40–70 gigawatts of new electricity capacity by 2030 — equivalent to adding approximately 40–70 new conventional power plants. While much of this will be supplied by renewables, the near-term gap is predominantly filled by natural gas. This creates a tension between US LNG export ambitions (maximising Henry Hub-linked export revenue) and domestic power demand (keeping Henry Hub prices affordable for industrial and residential users).

Market context heading into CERAWeek 2027

As the preview is written in October 2026, Brent crude is in the $78–85/bbl range — a partial recovery from the 2025 trough but still well below the 2022 peak. OPEC+ is managing a delicate balance between production increases and price support. US shale output is at records near 13.5 mb/d. European gas prices have normalised from crisis levels but remain elevated versus pre-2021 averages.

For live pump prices globally reflecting this market, use the fuel price explorer. For OPEC+ production strategy context, see our analysis of OPEC+ production strategy 2026.