US natural gas contracts jump 7%

The prices of US natural gas contracts rose to their highest level in nearly 14 years when settling Monday’s trading, in conjunction with a drop in temperatures in the United States and the continued weakness of global supplies due to the Russian-Ukrainian war.

Expectations have increased about the high demand for natural gas in the United States in the coming days, with the approach of snow storms and a sharp decline in temperatures in the country, which requires more heating for homes.

At the same time, the Russian-Ukrainian war continues to affect global energy markets, amid expectations that Western powers will impose more sanctions on Moscow, which could affect Russian oil and gas supplies.

It is noteworthy that natural gas prices in the United States remained much lower than their counterparts in Europe and Asia during the past year, thanks to the abundance of shale fields, but this difference is shrinking.

And natural gas futures for May delivery rose 7.1%, or 52 cents, to $7.82 per million British thermal units upon settlement, after recording $8.06 earlier in trading, which is the highest level since September 2008, to maintain its gains for the fifth day. Straight.