Core Insights - Natural gas cash prices in West Texas have fallen to their lowest level in nearly 14 months, driven by expectations of pipeline maintenance that will limit fuel movement [1] - The Waha hub in the Permian region experienced negative prices, recovering slightly from a multi-month low, with prices dropping to around negative $3.03 per million British thermal units, the lowest since November 2024 [2] - Increased production in the Permian region, coupled with insufficient pipeline capacity, has left gas drillers vulnerable to market fluctuations [3] Industry Dynamics - US liquefied natural gas exports have reached record highs, but pipeline outages create bottlenecks that can lead to oversupply in the region [4] - The decline in prices in West Texas is attributed to lower seasonal demand and strong production, resulting in producers effectively paying buyers to take gas off their hands [5]