In the cash market, meanwhile, average prices at the Waha Hub in the Permian shale basin in West Texas remained in negative territory for an eighth day this month as pipeline constraints trapped gas in the nation’s biggest oil-producing basin.
It was the 30th time Waha prices traded below zero this year and compares with an average of $1.29 per mmBtu so far in 2025, 77 cents in 2024, and $2.91 over the previous five years (2019-2023). Waha first averaged below zero in 2019. It did so 17 times in 2019, six times in 2020, once in 2023, and a record 49 times in 2024.