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Shrinking Spare Natural Gas Takeaway Capacity Could Indicate ‘Grimmer’ Outlook for Permian Prices

Natural Gas Intelligence · last updated

Seven months after the Matterhorn Express Pipeline LLC added much needed takeaway capacity for natural gas out of the Permian Basin, new pipeline bottlenecks are already forming, creating price discounts at key Texas trading hubs that could persist throughout 2025.

Natural Gas Intelligence's (NGI) spot Henry Hub and Katy hub daily natural gas price graph showing historical and future market volatility including natural gas forward prices.

A stretch of sub-zero spot pricing for Permian benchmark Waha in March arrived about four months after the basin appeared to have shaken off last year’s prolonged bout of negative pricing.

NGI’s Waha spot price landed below zero on 11 trading days in March, bottoming out at an average negative $1.120/MMBtu on March 18.

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