Permian natural gas and the Waha hub

The Permian Basin produced 27.7 Bcf/d of marketed natural gas in 2025, 23% of the U.S. total, most of it associated gas from oil wells (EIA). It is priced at the Waha hub in West Texas. Production has grown faster than the pipelines that carry it out, so over the past year Waha averaged $4.12/MMBtu below Henry Hub (OilPriceAPI data).

Permian gas has sold at a discount to Henry Hub for most of the past yearDaily, $/MMBtu. Data through 2026-10-13. Source: OilPriceAPI.

curl -H "Authorization: Token YOUR_KEY" \
  "https://api.oilpriceapi.com/v1/prices/past_year?by_code=NATURAL_GAS_WAHA&interval=daily"

Get an API key to pull this series

How Permian gas reaches a price

Oil drilling produces the gas. Permian producers plan around the crude price, and gas comes up with the oil. As wells age, reservoir pressure falls and each barrel brings more gas: the gas-to-oil ratio rose 16% from 2021 to 2025 (EIA).
Pipelines carry it out. El Paso runs west toward Arizona and California. Trans-Pecos, Comanche Trail and Roadrunner carry gas to the Mexican border. Gulf Coast Express, Permian Highway, Whistler and Matterhorn Express run east to the Texas Gulf Coast, and since June 2026 Hugh Brinson runs to north Texas.
Waha sets the price. Trades at the Waha hub price Permian gas. When production fills the pipelines, Waha falls below Henry Hub, and below zero when maintenance or demand leaves gas with nowhere to go.

The Permian gas system in numbers

Figure	Value	Source
Marketed gas production, 2025	27.7 Bcf/d	EIA, March 2026
Share of U.S. marketed gas, 2025	23%	EIA, March 2026
EIA forecast, 2026	29.3 Bcf/d	EIA STEO, September 2026
Gas-to-oil ratio, 2025	~4,200 cf/b, up 16% from 2021	EIA, June 2026
Waha below Henry Hub, Oct 2025 – Sep 2026	242 of 245 trading days, average −$4.12/MMBtu	OilPriceAPI daily series
Waha below zero, same period	134 of 245 trading days	OilPriceAPI daily series
Takeaway added in June 2026	Gulf Coast Express expansion (+0.57 Bcf/d) and Hugh Brinson Phase I (1.5 Bcf/d)	Kinder Morgan; Energy Transfer; EIA
Next large addition	Blackcomb, 2.5 Bcf/d, expected Q4 2026	Targa Resources 10-Q

Articles

What is the Waha hub? Where the Waha hub is, which pipelines meet there, how its daily and bidweek prices are set, and why it trades below Henry Hub.
Why do Waha gas prices go negative? Permian gas comes up with oil faster than pipelines can carry it out. How that pushes the Waha price below zero, and what has ended each negative run.

Using the data

NATURAL_GAS_WAHA: Waha daily spot, $/MMBtu, trading days, with daily history back to 2020.
NATURAL_GAS_USD: Henry Hub daily spot, $/MMBtu.
NATURAL_GAS_HSC_USD: Houston Ship Channel daily spot, $/MMBtu, from October 2025.
Today's price: the live Waha page. Rig activity: the Permian rig count.

Other US gas hubs

US natural gas hubs and basis
What is the Houston Ship Channel gas hub? Houston Ship Channel prices gas delivered to the industrial and power load around Houston. Where it sits between Waha and the LNG terminals, and why two published indexes for it differ.
What is SoCal Citygate? SoCal Citygate prices gas delivered into the SoCalGas system around Los Angeles. How pipeline outages, Aliso Canyon storage limits and the gap to SoCal Border have moved it.