• 4 minutes The Federal Reserve and Money...Aspects which are not widely known
  • 8 minutes How Far Have We Really Gotten With Alternative Energy
  • 12 minutes  What Russia has reached over three months diplomatic and military pressure on West ?
  • 5 days Coincidence of EIA Report Delay? - "I had seen it delayed minutes, and a couple of times a few hours, but don’t recall something like this — do others?" asks Javier Blas
  • 3 days European Parliament Members, Cristian Terhes et al, push back against Totalitarian Digital ID and Carbon Tyranny in Europe.
  • 10 hours Oil Stocks, Market Direction, Bitcoin, Minerals, Gold, Silver - Technical Trading <--- Chris Vermeulen & Gareth Soloway weigh in
  • 2 days "How Long Will The Epic Rally In Energy Stocks Last?" by Tsvetana Paraskova at OILPRICE.COM
  • 5 days "...too many politicians believe things that aren’t true." says Robert Rapier
  • 6 days Demonising fossil fuels has caused major grid problem in Australia
  • 6 days Welcome to Technocracy - The New World Energy Order... "1000s Of Sydney Homes Plunged Into Darkness As Aussie 'Price Cap' Policy Sparks Energy Shortage"
  • 7 days "How to Calculate Your Individual ESG Score to ensure that your Digital ID 'benefits' and money are accessible"

Breaking News:

Oil Likely To Hit $200: SEB Group

Tsvetana Paraskova

Tsvetana Paraskova

Tsvetana is a writer for Oilprice.com with over a decade of experience writing for news outlets such as iNVEZZ and SeeNews. 

More Info

Premium Content

U.S. Natural Gas Prices Hit Highest Level In 14 Years

  • The benchmark U.S. natural gas price soared by more than 7% early on Monday.
  • Gas prices hit their highest level since the second half of 2008.
  • Below normal temperatures and strong exports are driving the rally in natural gas.

The benchmark U.S. natural gas price soared by more than 7% early on Monday to hit the highest level since the second half of 2008, as Europe races to buy non-Russian gas after Putin’s invasion of Ukraine.

At 10:18 a.m. ET, the front-month futures price at the Henry Hub had jumped by 6.37% at $7.755 per million British thermal units (MMBtu). That’s more than double the price of the U.S. benchmark compared to the start of this year.  

In the week to April 12, speculators increased their bullish bets for a second week, with buying concentrated in gold, grains, and natural gas, Ole Hansen, Head of Commodity Strategy at Saxo Bank, said on Sunday.

Last week, U.S. natural gas prices reached the highest close at $7.3 since 2008.

“Below normal temperatures and strong exports driving the current tightness with stockpiles now almost 18% below the usual level,” Hansen noted.

Higher demand for heating and record LNG exports left U.S. natural gas in storage at the end of the winter at its lowest level in three years, the Energy Information Administration (EIA) said on Friday.

Because of the higher withdrawals, by the end of March, the U.S. had the least amount of natural gas in underground storage in the Lower 48 states since 2019.

A colder January 2022 and record-high U.S. LNG exports led to more withdrawals even though domestic production of natural gas increased, the EIA said.

The U.S. is exporting record volumes of LNG as the United States looks to help European allies with non-Russian gas supply.

In another bullish factor for natural gas prices, immediate demand in the United States is expected to be strong Monday through Wednesday, as chilly late-season weather systems track across the Midwest and Northeast with rain and snow showers, as well as cooler than normal lows of 20s and 30s, NatGasWeather.com noted on Monday.  

By Tsvetana Paraskova for Oilprice.com

More Top Reads From Oilprice.com:

Download The Free Oilprice App Today

Back to homepage

Leave a comment
  • Mamdouh Salameh on April 18 2022 said:
    This will translate into less US LNG exports to the EU and the Asia-Pacific region, higher energy bills for the EU and continued dependence on Russian gas supplies.

    Dr Mamdouh G Salameh
    International Oil Economist
    Visiting Professor of Energy Economics at ESCP Europe Business School, London

Leave a comment

EXXON Mobil -0.35
Open57.81 Trading Vol.6.96M Previous Vol.241.7B
BUY 57.15
Sell 57.00
Oilprice - The No. 1 Source for Oil & Energy News