Next-day natural gas prices for Wednesday at the Waha hub in West Texas plunged ...
- Next-day natural gas prices for Wednesday at the Waha hub in West Texas plunged to record negative levels - meaning some drillers are paying those with spare pipeline capacity to take the unwanted gas and are getting nothing for it.
The drop in prices has been caused by weak demand and recent equipment problems on a key pipeline in New Mexico, analysts said. But pipeline constraints in the Permian basin in West Texas have squeezed gas prices there for some time. Spot prices at the Waha hub fell to minus $3.38 per million British thermal units for Wednesday from minus 2 cents for Tuesday, according to Intercontinental Exchange data. That beat the prior all-time next-day low of minus $1.99 for March 29.
In addition to the ongoing New Mexico pipeline constraint, Reza Haidari, director of natural gas research at Refinitiv, said the latest price drop was also due to declining heating demand and an increase in power from wind farms that is displacing gas-fired generation in the U.S. Southwest.
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