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Texas Waha Natgas Price Negative Despite Near Record Power Use: Reuters

NATGAS

Spot natural gas prices at the Waha hub in West Texas turned negative for a second time this week, Reuters said.

  • This is Texas’ despite power demand set to break record highs for June due to surging cooling demand in a heat wave
  • Next day gas prices at Waha fell 604% to negative $2.78/MMBtu June 28, the lowest since mid-April.
  • Prices in the region are turning negative as pipeline constraints are trapping gas in the Permian Shale.
  • Temperatures in Houston, the largest city in Texas, are set to rise from 34.4C (93F) to 37.2C (99F) July 1. Humidity and other factors could also make it feel more like 42.8C (109F).
  • Analysts expect electricity use to be at all time highs this summer due to economic and population growth in Texas, as well as demand for data centres running AI and cryptocurrency operations.
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