• 3 minutes e-car sales collapse
  • 6 minutes America Is Exceptional in Its Political Divide
  • 11 minutes Perovskites, a ‘dirt cheap’ alternative to silicon, just got a lot more efficient
  • 1 day Does Toyota Know Something That We Don’t?
  • 4 days OPINION: Putin’s Genocidal Myth A scholarly treatise on the thousands of years of Ukrainian history. RCW
  • 1 day World could get rid of Putin and Russia but nobody is bold enough
  • 7 hours America should go after China but it should be done in a wise way.
  • 4 days CHINA Economy IMPLODING - Fastest Price Fall in 14 Years & Stock Market Crashes to 5 Year Low
  • 3 days China is using Chinese Names of Cities on their Border with Russia.
  • 4 days Russian Officials Voice Concerns About Chinese-Funded Rail Line
  • 3 days CHINA Economy Disaster - Employee Shortages, Retirement Age, Birth Rate & Ageing Population
  • 4 days Putin and Xi Bet on the Global South
  • 4 days "(Another) Putin Critic 'Falls' Out Of Window, Dies"
  • 5 days United States LNG Exports Reach Third Place
  • 5 days Biden's $2 trillion Plan for Insfrastructure and Jobs
  • 9 days huge-deposit-of-natural-hydrogen-gas-detected-deep-in-albanian-mine

Breaking News:

Chicago Files Suit Against Big Oil

Tom Kool

Tom Kool

Tom majored in International Business at Amsterdam’s Higher School of Economics, he is Oilprice.com's Head of Operations

More Info

Premium Content

Texas Natural Gas Prices Turn Negative

  • Next-day prices for Wednesday at the Waha hub in the Permian closed on Tuesday at -$0.35 per million British thermal units.
  • The last time prices at Waha sank to below zero was in October 2022.
  • The U.S. benchmark, Henry Hub, fell early on Wednesday amid low demand after gaining 1% to a one-week high on Tuesday.

Mild spring weather with low gas demand combined with pipeline maintenance to drag spot natural gas prices at the Waha hub in West Texas into negative territory this week.

Next-day prices for Wednesday at the Waha hub in the Permian closed on Tuesday at -$0.35 per million British thermal units (MMBtu), per data from Refinitiv cited by Reuters.

The last time prices at Waha sank to below zero was in October 2022, as spot prices were facing pressure from the unfortunate combination of unseasonably warm weather, flourishing production, and takeaway capacity constraints.

Back then, intraday pricing levels were in negative territory, but the settlements in those days were in positive territory.

On Tuesday, however, Waha spot natural gas prices settled in negative territory, for the first time since October 2020, according to Refinitiv data.

The downward pressure on prices came from lower demand amid mild weather and increased maintenance on gas pipelines in this period of generally low consumption.

The U.S. benchmark, Henry Hub, fell early on Wednesday amid low demand after gaining 1% to a one-week high on Tuesday.

Yesterday’s gains resulted from estimated lower U.S. daily natural gas production and lower imports from Canada, where wildfires shut in some oil and gas production.

As of early on Tuesday, wildfires in Canada had resulted in the shut-in of 319,000 barrels of oil equivalent per day (boepd) from the country’s oil and natural gas production, or 3.7% of all output, as operators shut down producing fields and processing plants.

Canada’s natural gas exports to the U.S. were at a 25-month low of 6.7 bcfd on Tuesday, per Refinitiv data.

Between May 9 and 15, natural gas demand in the United States is expected to be low, according to NatGasWeather.com. National demand is set to be light in the coming days amid mild and comfortable temperatures despite heavy showers and thunderstorms expected across the U.S.


By Tom Kool for Oilprice.com

More Top Reads From Oilprice.com:

Download The Free Oilprice App Today

Back to homepage

Leave a comment
  • Piotr Berman on May 10 2023 said:
    I wonder what are the bottlenecks: pipelines, storage? The article quotes "pipeline maintenance", so perhaps this is a transient problem. Mild spring weather makes it the ideal season for maintenance, so too many pipelines were removed simultaneously. It would be nice if a regulatory board coordinated producers, pipelines and consumers.
  • Terrel Shields on May 16 2023 said:
    What did we expect? When you pass off a gas well as "oil" when you are dependent upon the first flush of product to be liquids,you are left with a well that is 90% gas and 10% oil or less...now you have a glut of NG...surprise surprise surprise.

    We need to be seeking more conventional oil, using more gas in autos and trucks. We are a one trick pony with a two trick product. Stop all flaring and pro-rate these so-called oil wells like we used to have- slash production and balance demand.

Leave a comment

EXXON Mobil -0.35
Open57.81 Trading Vol.6.96M Previous Vol.241.7B
BUY 57.15
Sell 57.00
Oilprice - The No. 1 Source for Oil & Energy News