August 8, 2022

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U.S. natural gas prices hit their highest level since 2008

U.S. natural gas prices hit their highest level since 2008

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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