Mar. 21 at 8:02 PM
PickAlpha Midday:
A bizarre energy split is opening up in Texas: while war-driven oil strength is keeping Permian crude output high, Waha gas has crashed below zero — reportedly as low as -
$9.75/mmBtu last week — because there still isn’t enough pipeline capacity to move the associated gas out. The result is more flaring, more forced selling, and a blunt reminder that in this market infrastructure, not molecules, is the real bottleneck. 
Tickers:
$KMI $WMB
Our view is this is quietly bullish for gas takeaway and midstream scarcity value. When producers are literally paying to move gas while the rest of the world is scrambling for supply, the winners are the assets that can transport, process, and export — not the ones just drilling more.
