North American natural gas forwards rallied across the 2024 strip during the May 2-8 trading period as sagging production readings and an incrementally supportive LNG export outlook stirred bullish optimism.

Benchmark Henry Hub set the tone, with June fixed prices rallying 25.5 cents week/week to reach $2.194/MMBtu, according to NGI’s Forward Look.

Negative Basis In Texas

Looking at basis dynamics, hubs near producing areas in Texas continued to trade at negative differentials to the national benchmark during the May 2-8 trading period, particularly in the constrained Permian Basin.

Waha finished the period at minus-$1.486 for June, down 9.0 cents week/week, while El Paso Permian June basis fell 6.5 cents to minus-$1.536.

Springtime maintenance has seen spot prices on...