The Waha hub in the Permian Basin experienced intraday cash prices dropping to approximately -$3 per million British thermal units, down from around -50 cents earlier. This sharp decline was driven by a surplus in natural gas supply, exacerbated by a pipeline system shutdown following a fire incident. The situation raises the risk of gas being trapped in storage facilities, intensifying market pressures. The negative pricing trend underscores the challenges posed by oversupply and weakened demand dynamics in the region.