NEW YORK: US natural gas futures breached $10 per million British thermal units (mmBtu) for the first time in about 14 years on Tuesday, continuing to take cues from a surge in European prices as supply fears persist.
Front-month gas futures were up 10.5 cents, or 1.1%, to $9.785 by 8:55 am EDT (1255 GMT), after touching $10.01 per mmBtu for the first time since 2008 earlier in the session.
“With the concerns about what’s happening with Europe, prices have been going through the roof,” and the upcoming maintenance on the Russia-to-Germany Nord Stream 1 pipeline is making the market very bullish, said Phil Flynn, analyst at Price Futures Group.
The $10 per mmBtu level might be a near-term top, with some profit-taking seen at that level today, Flynn said.
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