There’s something in the air right now that smells a lot like optimism. Dour moods and painful outlooks on the U.S. oil and gas industry seem to be shifting—cautiously, of course, but just enough to add more twinkle to the holidays ahead of January 20^th.  

Reese Energy Consulting today is soaking up some long-awaited positive energy, starting with the latest on natural gas. Short-lived as it was, prices surged this week to their highest levels since June on forecasts of colder temps over the next 14 days across much of the country, and increasing demand for LNG feedgas, which this week topped 14 BCFD compared to 13.5 BCFD the week before, and the most since January.

The EU is moving chess pieces to wind down its reliance on Russian gas imports as the winter heating season comes knocking. This, amid soaring European benchmark gas prices now 80% higher than the U.S. benchmark, Henry Hub. All of this points to a boom shakalaka ahead for both U.S. natural gas and LNG exports. And there’s more to look forward to.

U.S. Energy Secretary nominee Chris Wright plans to reverse early on in his role the onerous pause on LNG export permits that have crippled new terminal development. The incoming President could also deliver a poke in the eye on Day One by announcing the rebirth of the Keystone XL pipeline canceled on Day One by his predecessor. Helmed by TC Energy, the beleaguered 1,200-mile pipeline, which would have flowed 800 MBD of Canadian heavy crude to U.S. refineries, suffered $1.8 billion in losses when it was terminated, later losing a $15 billion lawsuit for damages.

It’s anyone’s guess if TC is willing to jump back on that horse. But then again, a new leader is waiting in the wings and hell bent for leather to turn the beat around for our oil and gas economy and energy security. TC may well pick up the phone.