Permian Gas Daily Fundamentals – Apr 21st

Permian Gas: Daily Fundamentals Report

Fixed price Waha continued to strengthen yesterday, rising $1.29/MMBtu. Prices remain negative outright, but less EPNG system maintenance has allowed for more production to leave the basin. 

• Midland CDDs were revised higher overnight, with the region expected to be above normal through the end of the month. Sat/Sun will see the highest temps,  with highs in the low 90s, which may provide some additional cooling demand.
• Permian production held mostly flat overnight, reaching 24.1 Bcf/d today. Volumes remain below the YTD average, and may decline today with EPNG maintenance on the North ML.
• Outflows are up 158 MMcf/d overnight, with all corridors reporting increases. PHP flows are up 78 MMcf/d, NNG is up 33 MMcf, and Transwestern is up 52 MMcf/d.
• The GCX expansion is expected this quarter, but the flow sample shows volumes have been roughly half the normal level for the last week.