US natural gas prices are at July highs after a surprisingly tight weekly inventory report. Storage rose by 60 billion cubic feet, less than the 74-75 billion cubic feet that analysts expected.
Natural gas was already higher on the day, but jumped to $6.10 from $5.75 according to the report. This is the highest level since June 30, when US regulators announced it would take longer to reopen the damaged Freeport LNG facility.
The biggest story in the natural gas market is in Europe where the TTF hit 184 today, or around $26 in the US equivalent. Electricity prices for the coming year in Germany and France are at stratospheric levels due to concerns about a complete Russian shutdown.