U.S. natural gas prices soar
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U.S. gas prices have surged to a 14-year high as suppliers struggle to meet a post-pandemic demand exacerbated by the war in Ukraine
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GAS PRODUCTION (Terawatt-hours)
 
10,000
8,000
6,000
4,000
1980 1990 2000 2010 2020

Feb 2022: Germany freezes Nord Stream 2 gas pipeline following Russia’s invasion of  Ukraine

Russia
U.S.
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U.S. NATURAL GAS FUTURES ($ per MMBtu*)

9 8 7 6 5 4 3 2 1 0
Aug 2008 2010 2012 2014 2016 2018 2020 Apr 2022

Aug 2008: Hurricanes threaten Gulf of Mexico gas platforms as hot weather fuels high demand for air conditioners

Apr 18: Post-pandemic surge, worsened by war in Ukraine, sees price briefly break above $8

Feb 24: Russia invades Ukraine
    
Gas stockpiles currently 18% lower than usual
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U.S. is exporting as much natural gas as possible to help Europe reduce reliance on Russian energy
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*Metric Million British Thermal Unit – used to measure heat content or energy value
Sources: Bloomberg, TradingView, Our World in Data Picture: Getty Images © GRAPHIC NEWS