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Natural Gas Firms Look to Tap into Permian-to-Mexico Option Amid Waha Price Lows

Natural Gas Intelligence · last updated

Permian Basin natural gas producers have been given positive news around pipeline buildouts, but that has done little to boost cash prices at the West Texas regional benchmark Waha.

Line chart titled “NGI’s Waha Daily Prices” showing daily natural gas prices at the Waha Hub from September 2024 through September 2025. Prices fluctuate sharply, with a steep drop below negative $2.00/MMBtu in November 2024, a spike above $7.00/MMBtu in early 2025, and multiple swings between $0.00 and $4.00/MMBtu through mid-2025. The chart highlights persistent volatility in Permian Basin natural gas pricing.

At A Glance:

  • Waha spot sinks into negative
  • Forward Look shows winter price rebound
  • Mexico demand growth lifts outlook