ANALYSIS: Waha summer 2021 forwards prices rally as Permian Basin gas market tightens Summer basis prices at the Permian’s benchmark Waha Hub are trading at multiyear highs in early April amid lower year-on-year production and growing competition for West Texas gas. For the upcoming peak-summer months of June, July and August, Waha is now priced at an average $2.67/MMBtu, or just 8 cents below the US benchmark Henry Hub, S&P Global Platts’ most recently published M2MS forwards data shows. In recent summers, chronic oversupply and insufficient production-takeaway capacity have kept Permian gas prices under pressure. Last summer, Waha’s cash market averaged just $1.27/MMBtu from June to August – equivalent to a more than 55-cent discount to the Henry Hub.