In this paper, we have used a thermodynamic model for the first time to investigate the steam and oxidative reforming of methane over a nickel catalyst in a wide temperature range, i.e., 400–1200 K. The available literature focus on the kinetic models and hence, thermodynamic models require attention to understand the behaviour of the thermochemistry of the species involved in the mechanism. This study presents the comparison between the species concentration produced using the thermodynamic model against the available kinetic model to validate the results. The investigation is further extended, firstly, to perform the sensitivity analysis of the reactions involved in a thermodynamic model to figure out the most influential reactions at various temperatures and pressures. This allows us to compare the most influencing reactions in reforming process for kinetic and thermodynamic model to optimize the processes. Secondly, the reaction flow analysis is carried out for the thermodynamic model to comprehend the effect of the thermochemistry of the species and the major difference in the reaction pathways for both the models are noted.