TEXAS GAS DRILLERS SHUT OUT OF OIL PRICE RALLY TURN TO SHUTTING OFF WELLS

TWO EXTREMES ARE CURRENTLY PLAYING OUT IN THE PERMIAN BASIN. DRILLERS ARE REAPING THE BENEFITS OF A HISTORIC PRICE RALLY DUE TO THE IRAN WAR. BUT WHEN IT COMES TO NATURAL GAS, THEY’RE HAVING TO PAY CUSTOMERS TO TAKE IT AWAY. IT’S NOW BEEN 124 DAYS OF NEGATIVE GAS PRICES AT THE WAHA HUB, A KEY INDICATOR FOR PERMIAN GAS PRICES, AND SOME PRODUCERS HAVE THROWN IN THE TOWEL, SHUTTING IN SOME WELLS TO LIMIT THEIR LOSSES. THEIR

Gas price weakness forces Texas drillers to shut wells despite oil rally.