Natural gas prices in West Texas have fallen so low that companies are paying others to take it away, a stark contrast to the surge in prices after Russia's invasion of Ukraine.
The oversupply of natural gas in the Permian Basin is due to companies primarily drilling for crude oil, resulting in excess natural gas without enough storage or transport capacity.
This excess gas has led to negative pricing in local markets, with natural gas closing below zero on multiple days this year, while being priced significantly higher in areas like Florida.
'Where's the gas going to go?' is the pressing question in the Permian Basin, as companies struggle to find destinations for the surplus natural gas.
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