Forwards markets are becoming increasingly bullish on winter natural gas prices in West Texas as the recent and precipitous drop in Permian Basin drilling activity begins taking its toll on production. Receive daily email alerts, subscriber notes & personalize your experience. Register Now On Aug. 19, Waha calendar-month forwards for December, January and February settled at $2.66/MMBtu, $2.95/MMBtu and $2.87/MMBtu, respectively – their highest settlement prices in nearly 40 months, S&P Global Platts’ most recently published M2MS forwards data shows. Over the past eight weeks, forwards prices at Waha have marched steadily higher as the recovery in Permian gas production has stumbled. In August, Permian output is averaging 11.2 Bcf/d, down about 300 MMcf/d compared with its July average, S&P Global Platts Analytics data shows. […]