Spot price differentials between regional U.S. gas trading hub and the benchmark Henry Hub have narrowed in the first half of 2020 amid lower production and a Covid-19-related plunge in demand. Basis prices are set to stay narrow at most hubs, with Winter 2020/21 forward basis swaps for SoCal Citygate and Waha Hub averaging $1.11/MMBtu and -$0.47/MMBtu.
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