Post by AEGIS Hedging

Waha gas prices have dramatically recovered in June, moving into positive cash territory for the first time since February. The startup of Kinder’s Gulf Coast Express expansion (GCX) helped relieve some Permian egress congestion. GCX has been delivering volumes to downstream interconnects since June 9. Waha cash prices have averaged -$0.24/MMBtu in June, up from about -$3.30/MMBtu in May. Most of the improvement for gas in West Texas over the past several weeks and month has been at the front of the curve. The balance of the Summer ’26 strip has improved by over $2.00/MMBtu, as Waha basis for balance-of-Summer ’26 sits at -$2.16/MMBtu (see chart in chart pack). There were minor improvements throughout the curve over the past week, with the largest move coming from the Summer ’27 strip, which improved by $0.20 to -$1.59/MMBtu.