Permian gas trades in positive territory for first time in two weeks - Platts

|About: Apache Corporation (APA)|By:, SA News Editor

Waha and El Paso Permian cash natural gas prices traded in positive territory today for the first time in more than two weeks, S&P Global Platts reports, as a decline in regional production and the end of maintenance coincided.

Spot Waha gas jumped $1.71 from Friday and changed hands at $0.42/MMBtu after averaging negative $1.45/MMBtu over the past two weeks, dropping as low as negative $5.79/MMBtu on April 4.

Support came as production was expected ease to 8.1B cf today after averaging ~9B cf/day over the past 20 days, according to S&P Global Platts.

Unplanned maintenance at two compressor stations on the El Paso Natural Gas system was lifted earlier in April, which may have reduced some of the supply glut in the Permian Basin, which suffers from limited takeaway capacity, but cash prices may slip back into negative territory as more maintenance is scheduled for the coming days.

Permian producers include EOG, PXD, LPI, FANG, AR, CRZO, CXO, DVN, OXY, CVX, XOM, NBL, APC, APA, ECA, WPX, CDEV, REN, EGN, JAG, AXAS, HK, MCF, XEC, PE, SM, MTDR, QEP, ESTE, REI

ETFs: UNG, UGAZ, DGAZ, BOIL, GASL, FCG, KOLD, UNL, GASX

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