JPM Natural Gas and NGL Reservoir: Waha Futures Rebound on Gas Takeaway Tailwinds; Waha Takeaways from JPM‘s 11th Annual Natural Resources Conference

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JPM Natural Gas and NGL Reservoir: Waha Futures Rebound on Gas Takeaway Tailwinds; Waha Takeaways from JPM‘s 11th Annual Natural Resources Conference

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

29 June 2026

JPM Natural Gas and NGL

Reservoir

Waha Futures Rebound on Gas Takeaway Tailwinds;

Waha Takeaways from JPM’s 11th Annual Natural

Resources Conference

JPM View: In this week’s Reservoir, we review the latest E&P commentary from Oil & Gas Exploration & Production

ACJPM’s Natural Resources Conference on the improving outlook for Waha, which Arun Jayaram

could have a material impact on Permian‑levered producers. Permian gas (1-212) 622-8541

production growth has continued in 2026, with dry gas volumes averaging ~24.0 arun.jayaram@jpmchase.com

Bcf/d YTD vs. ~22.8 Bcf/d over the same period last year. As such, gas takeaway Pankaj Bhatter, CFA

remains highly constrained, creating a volatile environment for Waha pricing. (1-212) 622-3795

Overall, Waha prices have remained largely negative this year, though we have pankaj.bhatter@jpmchase.com

seen a stark improvement in recent weeks with spot prices now re-entering positive Jack Jerusalmi

territory on the back of the recent ~0.6 Bcf/d increase in capacity on the GCX (1-212) 622-6552

jack.jerusalmi@jpmorgan.com

system. Waha futures indicate an improving outlook for pricing, which we think J.P. Morgan Securities LLC

reflects the coming online of incremental takeaway capacity out of the Permian,

which should help alleviate basis constraints. In their latest Book of Permian note,

JPM’s Utilities and Midstream team highlighted ~4.6 Bcf/d of capacity adds

expected in 2H26 from KMI’s GCX, Whitewater’s Blackcomb, and ET’s Hugh

Brinson Phase 1, which should help alleviate pricing pressure in the basin. Post