(Bloomberg) -- U.S. natural gas futures closed at the highest level in more than 13 years, reaching prices not seen since before the shale revolution unlocked the nation’s vast reserves of the fuel.
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Gas in New York settled up 5.8% Monday, with colder-than-usual Spring weather across the northern U.S. expected to divert fuel from storage -- just when inventories are supposed to be refilling. That’s getting traders worried there won’t be enough gas in storage when next winter comes around.
Prices for the heating and power-plant fuel have soared as robust domestic and overseas demand test U.S. drillers’ ability to expand supplies. Inventories held in underground caverns and aquifers are at their lowest since 2019 on a seasonal basis while exports are at capacity.
Futures closed at $6.62 per million British thermal unit, the highest level since November 2008.
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