US natural gas futures prices rose regarding 7% to their highest level in 14 years on Tuesday, supported by the increase in international gas prices and the decline in production in the United States.
At the close of Tuesday’s session, gas contracts for September delivery on the NYMEX rose 6.9%, or 60.1 cents, to $9.329 per million British thermal units, the highest closing level since early August 2008.
Since the beginning of 2022 until now, US gas contracts have achieved gains of regarding 150%, as a result of high prices in Europe and Asia, which boosted the demand for US exports of liquefied natural gas, especially in conjunction with the decrease in the volume of gas flowing from Russia to Europe in the wake of the outbreak of the Russian war in Ukraine on February 24.
In Europe, gas is trading at $66 per million British thermal units and at an all-time high of $57 in Asia.