Natural gas surges to highest level since 2008 as Russia’s war upends energy markets

U.S. natural gas prices surged to the highest level in more than 13 years Monday as Russia’s war on Ukraine causes a global energy crunch, and as forecasts called for cooler spring temperatures.

Futures jumped more than 6% to trade as high as $7.80 per million British thermal units, the highest since October 2008. The jump builds on recent strength, with natural gas coming off five straight positive weeks.

“With momentum firmly bullish and the market ill-equipped to handle any further bullish shocks, notable continued gains for natural gas remain likely this summer,” EBW Analytics noted. The firm added that a “bullish weather shift” has sent the U.S. market into “overdrive.”