Natural Gas Crisis Pushes U.S. Prices to Highest Since 2008
- Fuel squeeze lifting prices, threatens to shut U.K. factories
- Europe, Asia prices set new records as winter cold approaches
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Natural gas futures jumped to the highest settlement price in 12 years in New York as global gas supply shortages stoke concerns for U.S. shortages.
As the northern hemisphere heads into winter-heating season, low U.S. auxiliary supplies have sparked concerns about potential shortages as demand for the furnace fuel ramps up. Gas futures rose 9.5% to close settle at $6.312 per million British thermal units on the New York Mercantile Exchange, the highest close since December 2008.