Natural gas prices are rising around the world as warmer temperatures increase demand for the fuel, and at a time when global energy markets are wary of Europe’s efforts to move away from Russian fuel.
U.S. natural gas futures rose more than 11% at one point during Tuesday trading, hitting $9.75 per million British thermal units, the highest level since July 2008, CNBC reported.
The value of the contracts later fell slightly, trading at $9.146 per million British thermal units. Natural gas is now up 77% for the month, putting it on track for its best monthly performance since contracts began in 1990.
In Europe, natural gas futures on the Dutch TTF benchmark rose 14% to 201.75 euros per megawatt-hour, the highest level since March.
The hikes followed a 10 percent increase on Monday after Gazprom said a “northern stream” would further reduce flows through the pipeline.
Starting Wednesday, the pipeline will operate at only 20% of its capacity due to turbine maintenance.
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