Natural Gas

February 11, 2025

Platts proposes to exclude ONEOK WesTex from Waha daily and monthly natural gas index methodology

Platts, part of S&P Global Commodity Insights, proposes to exclude transactions on ONEOK WesTex Transmission (OWT) from the Waha daily (IGBAD00) and monthly (IGBAD03) natural gas index methodology.

The proposed change to the daily index would take effect for next-day trading done on March 31, 2025, for delivery on April 1, 2025. For the monthly index, the proposed change would apply to trades done during April bidweek (March 25-27, 2025) for delivery starting April 1, 2025.

This proposal follows an extended consultation period, both before and after the startup of the Matterhorn Express Pipeline and the inclusion of Agua Blanca Pool trades in the Waha index. Market feedback has consistently supported the removal of OWT trades given how the premium priced OWT trades can impact the Waha index.

Platts analysis of pricing data shows that while OWT trades make up only 5-10% of total Waha traded volumes, they can impact the final settlement price by 50 cents or more at times, even for extended periods.

A link to the initial consultation subscriber note is available here: Platts seeks feedback on Waha natural gas index methodology(opens in a new tab)

Transactions on ONEOK WesTex Transmission done on ICE will continue to be reported under daily and monthly symbols JAADA00 and JAADA03.

Please submit any feedback on this proposal to AmericasGasPricing@spglobal.com and pricegroup@spglobal.com by Feb. 25, 2025, and indicate whether the feedback should be kept private and confidential; feedback not marked as such may be made available for public viewing upon request.