What is the Waha hub?

Waha is the natural gas trading hub in Pecos County, West Texas, where the pipelines that carry Permian Basin gas meet. Its price is the market price of Permian gas. From October 2025 to September 2026 it averaged $4.12/MMBtu below Henry Hub and settled below zero on 134 of 245 trading days (OilPriceAPI daily series).

Waha has traded below Henry Hub on almost every day of the past yearDaily, $/MMBtu. Data through 2026-10-01. 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

Where is the Waha hub?

The hub sits in Pecos County, Texas, about three miles northwest of Coyanosa, according to FERC. It is a cluster of interconnects rather than one point. NGI's Waha index takes deals at the Waha DCP/Atmos hub, the Enstor Waha hub and the Waha (EPGT) Texas hub, and the El Paso Waha pool takes receipts across Pecos, Reeves and Terrell counties.

The pipelines that meet there, per NGI's methodology, include Gulf Coast Express, Permian Highway, Whistler, El Paso, NGPL, Northern Natural, Transwestern, Oneok WesTex and the Waha Header.

Why is Waha the Permian Basin's price?

The Permian produced 19% of U.S. natural gas in 2023, mostly from oil wells (EIA). That gas is associated gas: it comes up with the crude. In 2024, gas from wells EIA classes as oil wells (6,000 cubic feet of gas or less per barrel of oil) was 12.5 Bcf/d, or 47% of Permian output. EIA expects the region to produce 29.2 Bcf/d in 2026.

Because the gas follows oil drilling, Permian producers plan around the crude price, not the gas price (EIA). Gas supply at Waha therefore keeps coming when the gas price falls, and the hub is where that supply meets the pipeline capacity to move it out of the basin.

How is the Waha price set?

There are two prices, both built from reported physical trades:

Daily. NGI's daily index is the volume-weighted average of fixed-price deals for gas flowing the next day. Platts publishes a Gas Daily midpoint.
Bidweek (monthly). The price for gas flowing every day of the next month, from deals reported during the last five business days of the prior month. Platts' version appears in Inside FERC.

Waha also trades as a futures spread. ICE's Waha Basis Future (WAH) cash-settles on the Inside FERC Waha bidweek index minus the NYMEX Henry Hub contract, 2,500 MMBtu per contract. ICE's Waha Index Future settles on the average of Gas Daily prices against the bidweek index.

Waha against Henry Hub

The difference between the two is Waha's basis. EIA puts it plainly: the basis widens when Permian pipelines are constrained and narrows when the constraint eases. In OilPriceAPI's daily series for the past year, Waha was below Henry Hub on 242 of 245 trading days, and the widest gap was $12.30 on 15 April 2026. The one large premium came during Winter Storm Fern: Waha averaged $14.47 on 23 January 2026 (NGI) as freeze-offs cut Permian production.

When the basis is wide enough, Waha itself goes below zero. That is covered in why Waha gas prices go negative.

Using the data

NATURAL_GAS_WAHA: Waha daily spot, $/MMBtu, trading days only. Negative prices are returned as negative numbers.
NATURAL_GAS_USD: Henry Hub daily spot, $/MMBtu. Rows include weekends, so compute basis on dates both series report.
Latest price: /v1/prices/latest?by_code=NATURAL_GAS_WAHA. Daily history for the past year: /v1/prices/past_year?by_code=NATURAL_GAS_WAHA&interval=daily.