A liquefied natural gas (LNG) tanker is tugged towards a thermal power station in Futtsu, east of Tokyo, Japan.
Issei Kato | Reuters
Natural gas surged above $9 per million British thermal units, or MMBtu, on Wednesday, hitting the highest level in more than a decade as dwindling inventories push prices higher.
U.S. prices surged more than 6% at one point to hit a high of $9.399 per MMBtu, the highest since August 2008. The contract later gave back the bulk of those gains, ending the day 1.99% higher at $8.971 per MMBtu.
Still, prices remain elevated in what’s been a blistering rally for natural gas as Russia’s war on Ukraine sends energy markets reeling.
David Givens, head of natural gas and…