Natural gas prices are soaring in the US and Europe. Some of those prices are at new record highs. The impact in Europe is far more significant, where there’s a supply crunch and not enough alternative power generation that has sent power prices to the moon.
Let’s begin in the US, where natgas futures tagged seven-year highs on new climate models that forecast hot weather will linger through the end of the month, along with continuing concerns of tight supplies from the Gulf of Mexico after Hurricane Ida disrupted offshore production.
Gas prices for October delivery surged an astonishing 8% to $4.92 British thermal units (MMBtu), the highest since Feb. 26, 2014.
