Commodities
Texas Natural Gas Prices Plummet After Pipeline Fire
- Intraday cash prices at Waha fall to about -$3 per million Btu
- Kinder Morgan shut a pipeline segment, trapping gas in region
A gas flare near Mentone, Texas.
Photographer: Bronte Wittpenn/BloombergThis article is for subscribers only.
Natural gas prices in West Texas under pressure from a glut in supply sank even further into negative territory after a segment of a pipeline system was shut following a fire, threatening to trap gas in the region.
Intraday cash prices at the Waha hub in the Permian Basin fell to around -$3 per million British thermal units from around -50 cents earlier in the day, according to traders. This comes after Kinder Morgan Inc. shut a part of its Natural Gas Pipeline of America system due to a natural gas release and fire.