Energy

Natural gas surges above $9 to highest since 2008 on low inventories

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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…



Source cnbc.com

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