Business & Economy

The rise of natural gas in America to the highest level

Natural gas prices in the United States have risen to their highest levels since 2008, exceeding $9 per million British thermal units.
In the auction, on Wednesday, May 25, the price of gas exchange on the New York Mercantile Exchange (NYMEX) rose by more than 6.7% to $9.4 per million British thermal units, or $322 per 1,000 cubic metres.
The rise in gas prices came due to concerns about supply shortages.
“Fuel stocks for heating and power plants remain below normal for this time of year, LNG exports have risen to record levels, and shale production remains marginal,” the Russian agency says.
Additionally, utilities have been burning more gas to generate electricity due to wind shortages in recent weeks,
In addition, drought on the west coast of the United States is expected to lead to a decrease in hydropower generation, and forecasts of hotter weather in the east of the country are expected to increase electricity demand due to increased use of air conditioners.

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