Natural gas prices in the United States surged to a 14-year high as cold weather boosts demand amid supply shortages. Oil prices rose as protestors in Libya shut down oil fields. Get your market update from FxWestwater here:
US natural gas prices soared to 14-year highs this morning, flaming inflation woes and sparking further concerns over a potential US energy crisis. The US Henry Hub benchmark has now rallied more than 100% for 2022, making it one of the year’s best performing commodities. Temperatures across the US Northwest and Midwest have been colder-than-average for this time of year, boosting demand for the heating gas.
Those below-average mercury readings are expected to persist through the next six to ten days, according to the National Weather Service. The war in Ukraine has also led to an increase in liquified natural gas exports. Those factors have sapped US inventory levels, driving domestic supply concerns. Total working gas in underground storage has fallen well below its 5-year average, according to data from the US Energy Information Administration .
While US natural gas production has increased, gas producers have struggled to keep up with demand. The US natural gas rotary rig count hit its highest level since October 2018 at 143 rigs for the week ending April 15, according to Baker Hughes. That number is expected to increase to 145 for the week ending April 22, with data due out on Wednesday.
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