Texas Natural Gas Prices Turn Negative Even Amid Heat Wave

In an unexpected turn of events, U.S. spot natural gas prices in Texas dropped below zero on Tuesday despite soaring demand driven by a severe heat wave. This phenomenon, typically seen in the low-demand seasons of spring and autumn, was primarily caused by pipeline maintenance that stranded gas in the Permian Basin. Kinder Morgan’s Permian Highway gas pipeline, operating at reduced capacity due to necessary repairs, contributed to this price plunge. The Permian Basin, a significant oil-producing region, also produces substantial gas volumes.…