Waha cash has been positive 32 days straight

As of today, Waha cash prices have been positive for 32 consecutive days! Producers rejoice and thank new infrastructure. Cash prices firmed from just under $1.00/MMbtu to $1.63 for July 17ths flow date. The price relief in both cash and the curve has come from the early startup of both GCX and Hugh Brinson. Energy Transfer's Hugh Brinson pipeline has started flowing natural gas ahead of schedule. The additional capacity from Hugh Brinson, along with GCX, has helped support Permian prices over the last month. The Hugh Brinson pipeline was this week's dominant theme. It began flowing gas June 13, months ahead of its planned Q4 in-service date (per FERC filing PR26-71, July 10); it operated in intrastate service for 30+ days first, possibly starting as early as mid-May. Hugh Brinson is a greenfield 400-mile line from Waha to Maypearl (south of Dallas-Fort Worth), Phase 1 capacity 1.5 Bcf/d. As a result of this new egress Permian production has seen an uptick, flowing over 25 Bcf/d a day at one point last week. Analysts have been reporting that producers who were curtailing volumes, either shut in or flaring, have started to bring back those molecules as new pipeline capacity comes online. Just like the cash markets, both the prompt month and the balance of the summer strip for Waha Basis improved this week. With the prompt month rising up to -$1.26 and the balance of summer now (Aug through October) trading at $-1.28.

Read the full report here: https://www.aegis-hedging.com/insights/basis-brief-waha-gas

<sup>Commodity Interest Trading involves risk and, therefore, is not appropriate for all persons. Past performance is not necessarily indicative of future results. Neither this trading advisor nor any of its trading principals offer a trading program to clients, nor do they propose guiding or directing a commodity interest account for any client based on any such trading program.

The “Hedging Advisory Firm of the Year” and “OTC Trading Platform of the Year” awards were presented to AEGIS CTA, LLC and AEGIS SEF, LLC (d/b/a AEGIS Markets), respectively, by Energy Risk, a publication owned by Infopro Digital. These awards are part of the Energy Risk Awards program, which recognizes excellence in commodity trading, risk management, and related services. Award recipients are selected based on editorial judgment, industry nominations, and a review of company performance, innovation, and client feedback. The “Top Workplaces” award was presented to AEGIS by the Houston Chronicle based on anonymous employee survey results conducted by Energage. Rankings are determined by comparing employee feedback against benchmarks for workplace culture and employee satisfaction.</sup>

^{Statements describing AEGIS as the leading revenue intelligence platform and/or a global leader in hedging technology and solutions (and similar claims) reflect AEGIS’ opinion. These views are based on a combination of industry awards and recognition, the company’s unique technology capabilities, and internal market analysis.}