North American Oil & Gas "The Gas Digest – Waha Rebounds Back To Positiv..."

Research evidence excerpt

North American Oil & Gas "The Gas Digest – Waha Rebounds Back To Positiv..."

Global Research

17 June 2026ab

North American Oil & Gas Equities

AmericasThe Gas Digest – Waha Rebounds Back To

Positive Territory; LNG Exports Rise Into Storm Energy

Josh Silverstein

Analyst

josh.silverstein@ubs.com

GCX Expansion's Start Lifts Waha Prices +1-212-713 3513

The startup of three new Permian pipeline projects in 2026 has been highly anticipated Peyton Dorne

given their potential to improve historically weak gas realizations. The GCX Expansion Analyst

began flowing in early June, delivering an immediate uplift as Waha pricing rebounded peyton.dorne@ubs.com

sharply after 90 days of negative trading. Waha cash prices reached $0.89/mmbtu on +1-212-713 4359

June 16, marking a second straight day of positive pricing and a significant recovery William Barber

from the one month prior price of -$4.47/mmbtu. Relative to Henry Hub, the Associate Analyst

improvement has been even more pronounced, with the HH-Waha differential william.barber@ubs.com

narrowing to $2.35/mmbtu from $7.43/mmbtu over the same period. This represents +1-212-713 5553

the narrowest HH-Waha spread since October 2025, showing both the severity of the Nayoung Kim

Permian gas oversupply and the market’s need for incremental takeaway capacity. Analyst

nayoung.kim@ubs.com

Pipeline Capacity Buildout +44-20-7568 4010

The GCX Expansion adds new compression to the existing GCX pipeline, boosting

capacity from ~2.0Bcfpd to ~2.6Bcfpd. GCX connects the Permian to the Agua Dulce

hub in South Texas, similar to the upcoming Blackcomb Pipeline, while the Hugh Brinson

Pipeline will connect to the Dallas area. We see expanded egress benefiting Permian

E&Ps broadly, especially as forecasts predict further Permian associated gas supply