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Waha spot gas in West Texas fell to minus $5.06/MMBtu on Monday, the second-lowest settlement on record, and traded below minus $7 early in the session. Scheduled El Paso maintenance at the Cornudas station will cut capacity by about 360 MMcf/d through April 30.
Pipeline constraints trap Permian gas that cannot reach market, depressing regional prices and reducing the value of Permian supply until maintenance ends.
spglobal.comJ. Robinson, Jack WintersApr 20, 2020After 29 past bearish logistics events, Natural Gas moved a median -9.8% over 5 sessions (21% higher; middle half -20.0% to -3.1%), and -16.6% over 20.
Moves of each commodity's benchmark from the last close before the event. Historical reads pool past events of the same kind; they describe what happened, not what will. Not investment advice.
