JPM Natural Gas and NGL Reservoir: Waha Prices Surge into Positive Territory on Improving Gas Takeaway

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JPM Natural Gas and NGL Reservoir: Waha Prices Surge into Positive Territory on Improving Gas Takeaway

J P M O R G A N North America Equity Research

22 June 2026

JPM Natural Gas and NGL

Reservoir

Waha Prices Surge into Positive Territory on Improving

Gas Takeaway

JPM View: In this week’s Reservoir, we take a look at the recent improvement in Oil & Gas Exploration & Production

ACWaha pricing, which could benefit the Permian-levered producers in our coverage Arun Jayaram

group. Permian gas production growth has continued in 2026, with dry gas (1-212) 622-8541

volumes averaging 24.0 Bcf/d YTD vs. 22.8 Bcf/d over the same period last year. arun.jayaram@jpmchase.com

As such, gas takeaway remains highly constrained, creating a volatile environment Pankaj Bhatter, CFA

for Waha pricing. Overall, Waha prices have largely remained firmly negative this (1-212) 622-3795

year, though we have seen a stark improvement in recent weeks, with spot prices pankaj.bhatter@jpmchase.com

now re-entering positive territory. In their note previewing JPM’s 11th Annual Jack Jerusalmi

Natural Resources Conference (see here), the North American Power, Utilities, (1-212) 622-6552

jack.jerusalmi@jpmorgan.com

Midstream, LNG, and Nuclear team (led by Jeremy Tonet) noted that its

Head of North America Power,

conversations at EIC suggested ~2.0 Bcf/d of natural gas currently trapped behind

Utilities, Midstream, LNG, and

pipe and ~200 MBo/d of crude oil stuck in the Delaware Basin. The team noted that Nuclear

should Waha positive prices result from less gas awaiting pipeline than anticipated

Jeremy Tonet, CFA

and the sharp decline in WTI holds, investors may rotate from liquids-rich names

(1-212) 622-4915

to gas-logistics names.