Low prices in the Permian are a routine story at this point, with the cash price of natural gas at Waha regularly plunging into negative territory since 2024. However, a new milestone of bearishness was set in trading for delivery on April 16, when Waha averaged minus $9.52/MMBtu according to data from Natural Gas Intelligence (NGI). Waha has not seen a positive cash price since February 4 in the aftermath of Winter Storm Fern. The day’s low Waha prices has affected markets that get their gas from the Permian Basin. In particular, the Southern California benchmark SoCal Border traded at plus $0.645/MMBtu for delivery on April 16, which is a record low price for that point.
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- Analyst Insight
Permian Natural Gas Outflow Restrictions Remain
Waha prices remained depressed over the past week as capacity was tightly constrained, particularly to the East.
- Analyst Insight
Record Waha Gas Price Crash as Outbound Flows Constrained
Waha natural gas cash prices plunged to record lows for delivery on Friday, the same day Permian Highway started maintenance that will last through October 16.
- Analyst Insight
Waha Gas Cash Prices Rebound as Maintenance Eases at Roswell, Elsewhere
As force majeure events at Roswell, NM and in Texas have been resolved, Waha natural gas prices have rebounded significantly week-on-week.
