Strong natural gas production and limited takeaway capacity plagued prices in the prolific Permian Basin as 2025 drew to a close — just as they did much of the year.

Line chart showing NGI’s daily Waha natural gas prices from late 2024 through December 2025, highlighting periods of extreme volatility, including multiple negative price events, with values shown in $/MMBtu.

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At A Glance:

Waha price weakness enduresLimited egress a nagging issueImprovements are in the making