Permian gas prices negative for record 90 days; shale producers resilient ahead of Q3 earnings

Waha Hub natural gas spot prices stayed below zero for a record 90 consecutive days before turning positive on June 16, averaging -$2.19/MMBtu year-to-date. Despite this, four of five highlighted shale producers posted record Q2 results, with three not drilling at all and one operating in North Dakota, away from Waha. The development underscores regional gas oversupply and infrastructure constraints, but diversified producers show resilience ahead of Q3 earnings.