Permian gas and the Waha hub

How Permian Basin gas is priced at Waha, why it trades below Henry Hub, and what pipeline capacity does to it.

• 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.

For today's Waha price, see the live Waha price page.