Permian NatGas Price Falls to $0.12/Mcf Following Equipment Failure

Reuters is reporting that the price of natural gas selling at the Waha Hub in the Permian Basin (West Texas) averaged just $0.12 (12 cents) per thousand cubic feet (Mcf) yesterday, a new record low. But wait! MDN reported last November the price at Waha had hit minus 1 cent/Mcf–people paying someone else to take their gas (see Permian Gas at Waha Hub Briefly Trades at $0, Implications for M-U). True–but that was for a three-hour period last November. Yesterday’s low price was the average for the entire day.

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