Rebounding associated gas production in the Permian Basin has been weighing on balance-of-summer prices at Waha recently as forwards markets reevaluate the outlook for Texas’ supply-demand fundamentals. Through June 15, Permian gas production is averaging 10.9 Bcf/d this month as easing well curtailments lift output from a 16-month low at just 9.8 Bcf/d on May 20. As Permian production continues to rebound, rising above 11 Bcf/d recently, forwards markets are pricing in a weaker summer curve at Waha. On June 12, balance-June, July and August forwards settled at their lowest since mid-April at an average $1.40/MMBtu. In early May, the summer strip had climbed to a high at […]