U.S. spot prices at the Waha Hub in the Permian Basin in West Texas slipped into negative territory again on Monday, marking a record 12 consecutive sessions of sub-zero pricing as takeaway bottlenecks persist. The continued congestion is forcing some producers to effectively pay buyers to offload associated gas, underscoring acute regional imbalances even as benchmark Natural Gas prices trade well above Waha levels.
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Over the past month, benchmark natural gas futures have fallen about 41%, reflecting ample supply, mild weather patterns, and ongoing infrastructure constraints that diminish pricing power across key hubs. The 1-day technical outlook for natural gas currently flashes a Strong Sell signal, suggesting near-term downside risk may persist unless pipeline expansions or stronger demand materially shift the fundamentals.