Natural gas prices at new, long-term highs due to supply concerns
During today's session, natural gas prices rose by nearly 10%, reaching the highest levels since 2014. The rally could be fueled by concerns about further supply during the approaching winter season. First, Hurricane Ida in the US has reduced natural gas inventories, while gas production remains relatively limited. This creates the possibility of a price rally ahead of the upcoming heating season. The management of energy companies also informs about potential problems - the economic rebound leading to increased demand with simultaneous supply problems and a difficult winter may lead to a potential increase in natural gas prices. The huge demand can already be seen, among others in the UK and Spain, where electricity prices are at record levels. In the UK, on the other hand, low wind speeds lead to downtime of local windmills, which further strengthens the demand for natural gas.
Natural gas prices have risen sharply this afternoon. Source: xStation5
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On a weekly interval, one can see that prices reached levels not seen since 2014! Source: xStation5
