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NATGAS: Waha Prices Averaged $0/MMBtu in 2024: IEA

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Waha gas prices traded at an average of $0/MMBtu in 2024, the lowest annual average for any gas hub on record, according to the IEA’s Greg Molnar via LinkedIn.

  • The shale gas revolution unleashed an unprecedented growth in tight oil and associated gas production in the Permian, with the latter growing by over eightfold in the last ten years.
  • The surge in associated gas production means that output growth is exceeding that of takeaway capacity.
  • Consequently, infrastructure became saturated in recent years, driving down gas prices often to negative territory.
  • Waha spent 164 days in negative territory and hit an all-time low of minus $7/MMBtu at the end of August.
  • The gradual ramp-up of the Matterhorn pipeline since October is providing some relief, although an unplanned outage could push prices back to negative.
  • Cheap Permian gas is the perfect match to serve the AI revolution, which is underway and provide power to data centres, key customers for the Brinson pipeline, Molnar said.

 

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Waha gas prices traded at an average of $0/MMBtu in 2024, the lowest annual average for any gas hub on record, according to the IEA’s Greg Molnar via LinkedIn.

  • The shale gas revolution unleashed an unprecedented growth in tight oil and associated gas production in the Permian, with the latter growing by over eightfold in the last ten years.
  • The surge in associated gas production means that output growth is exceeding that of takeaway capacity.
  • Consequently, infrastructure became saturated in recent years, driving down gas prices often to negative territory.
  • Waha spent 164 days in negative territory and hit an all-time low of minus $7/MMBtu at the end of August.
  • The gradual ramp-up of the Matterhorn pipeline since October is providing some relief, although an unplanned outage could push prices back to negative.
  • Cheap Permian gas is the perfect match to serve the AI revolution, which is underway and provide power to data centres, key customers for the Brinson pipeline, Molnar said.

 

Keep reading...Show less