US natural gas prices jump to their highest level since 2008
Natural gas prices are rising around the world as scorching temperatures drive up demand for the fuel, and at a time when global energy markets are alarmed by Europe's attempts to move away from Russian fuel.
US natural gas futures rose more than 11% at one point during Tuesday's trading, reaching $9.75 per million British thermal units, the highest level since July 2008, according to CNBC.
The value of the contracts subsequently declined slightly, and was trading at $9.146 per million British thermal units.
Natural gas is now up more than 77% for the month, putting it on track for its best monthly performance since contracts were launched in 1990.
In Europe, natural gas futures in the Dutch TTF hub jumped 14% to 201.75 euros per megawatt-hour, the highest level since March.
The rises follow a 10 percent gain on Monday, after Gazprom said it would further reduce flows through the "Northern Stream" pipeline.
Starting Wednesday, the pipeline will only operate at 20% of its capacity due to turbine maintenance.
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