Texas Waha NatGas Price Crashes to -$7.67/Mcf

Although the NYMEX futures price for natural gas zoomed up to $1.92 per thousand cubic feet (Mcf) yesterday, the price for natgas didn’t go up everywhere. As you know, there is no one price for natural gas, although the most quoted price is the Henry Hub benchmark. Yesterday at the Waha trading hub in West Texas (the Permian Basin), the traded price for natgas sunk to a new, historic low: -$7.67/Mcf. It closed the day at -$5.79/Mcf. That is, sellers were paying buyers to take their gas. Why?

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