US natural gas trades at $2/million BTU in West Texas (Waha) and $10/million BTU in Europe and Asia despite being the same molecule, creating extreme regional arbitrage opportunities due to transportation constraints; in December SoCal traded at $55/million BTU while Waha was negative because gas constrained oil production.
factualpending
Speaker
DoombergEvidence Quote
“ten dollars a million btu and two bucks here we have a five to one spread...December SoCal trading at 55 a million btu and waha up in the Permian Basin that negative...hundred dollars per million btu in Western Europe”
Created: 8/12/2026, 10:29:50 PM
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