Permian Basin forward gas prices are testing new lows this month as the 2020 market outlook for available pipeline capacity exiting the West Texas basin continues to deteriorate. At market close Wednesday, the balance-2020 curve at Waha dipped to its lowest on record at 63 cents/MMBtu. Shoulder-season prices for this year have faced even more downward pressure, with April and May calendar-month contracts falling to an average of just 15 cents/MMBtu earlier this month, S&P Global Platts M2MS data shows. The cash market hasn’t fared much better. After dipping into negative territory in late December, next-day prices at Waha have averaged about 74 cents/MMBtu so far this month. In first-quarter 2019, the anticipation […]