Waha Spring '26 Prices No Longer Near Zero

Finally some good (well, okayish) news for Waha prices!

Waha fixed-price gas for Spring ’26 has risen closer to $1.

Future price for April 2026 are up to near $1 after holding near zero for months. Nearby months are also doing well.

Most producers hedge Waha gas prices by simultaneously shorting Henry Hub (Nymex) and Waha basis (Platts IFERC). But there are also forward curves for the combined, fixed price. That fixed price was looking awful at near zero during March this year.  But recently, there has been a rebound in Waha fixed price, where producers could use swaps to secure positive pricing.

The chart above shows daily settlements for the one month of April 2026. Keep in mind, these are not executable prices, because they do not reflect the discount (credit plus other costs) applied by your hedging counterparties. Still, executed swap should be well above the zero line.

Want to stay informed? Bookmark this link to keep track of Permian gas prices and fundamentals. We update it daily.

Some possible reasons for the price increase:

• Diminished oil prices and rig counts (lowest since Jan 2022) in the Permian suggests lower gas output next year
• Less volatility in Henry Hub could encourage traders back into Waha basis
• Cash and prompt prices have been above $1 recently, even before peak-summer temperatures
• Less hedging (selling pressure) as Henry Hub and WTI have moved lower.

What should you do?

Most people hedge gas in seasonal strips or calendar strips, so take a look at the Summer ’26 and Winter ‘25/’26 charts at our Permian Basin Report.

Use the AEGIS Watchlists functionality at our hedging platform to track estimates of executable prices. But if you need something live, don’t hesitate to give your AEGIS trader or CS rep a call.

Be sure to ask AEGIS Research (research@aegis-hedging.com) if you need some background information before deciding on a trade.

Matt Marshall

President, AEGIS CTA