• 3 minutes e-car sales collapse
  • 6 minutes America Is Exceptional in Its Political Divide
  • 11 minutes Perovskites, a ‘dirt cheap’ alternative to silicon, just got a lot more efficient
  • 7 days The United States produced more crude oil than any nation, at any time.
  • 11 hours Could Someone Give Me Insights on the Future of Renewable Energy?
  • 8 days How Far Have We Really Gotten With Alternative Energy
  • 10 days James Corbett Interviews Irina Slav of OILPRICE.COM - "Burn, Hollywood, Burn!" - The Corbett Report
  • 11 days The European Union is exceptional in its political divide. Examples are apparent in Hungary, Slovakia, Sweden, Netherlands, Belarus, Ireland, etc.
Gas Glut? Not for Long.

Gas Glut? Not for Long.

Low prices invariably stimulate stronger…

Europe Still Addicted To Russian LNG

Europe Still Addicted To Russian LNG

The fact that neither pipeline…

Could AI Spark a Boom in Natural Gas Demand?

Could AI Spark a Boom in Natural Gas Demand?

The burgeoning power demands of…

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