US natural gas futures jumped nearly 5% on Wednesday to a one-week high, amid falling production and expectations of an increase in demand.
The increase in prices came despite expectations that the wave would recede
Hot until mid-August and the continued closure of the Freeport plant to export liquefied natural gas in Texas, which was consuming two billion cubic feet per day of gas before closing on the eighth of June.
At the end of the session, gas contracts for September delivery rose by 36.9 cents, or 4.7%, to settle at $8.202 per million British thermal units, the highest level since August 3.
Since the beginning of 2022 until today, US contracts for gas have increased by 121%, as a result of high prices in Europe and Asia, which has resulted in strong demand for US exports of liquefied natural gas, especially since the volume of gas flowing from Russia to Europe decreased in the wake of the outbreak Russian war in Ukraine.
It is worth noting that the United States became the largest exporter of liquefied natural gas in the world over the first half of 2022.