Us natural gas prices rose to their highest level in more than 13 years as strong demand tested the ability of US drilling companies to expand supply, Zhitong Financial APP learned. Us natural gas futures rose to $7.55 per million British thermal units in early Asian trading, surpassing the short-term rally driven by short-term short-term gains in January and about doubling since the start of the year.

The global fuel shortage is spreading across the market, making it difficult for suppliers to cope with the surge in consumer demand after the epidemic, which has been further exacerbated by the war between Russia and Ukraine. Although US natural gas prices are still much lower than in Europe and Asia due to the massive development of shale gas fields last year, US gas prices have been narrowing relative to Europe and Asia.

The reserve stock of underground natural gas in the United States is lower than the normal level in the same period in previous years, and production has also remained stable. At the same time, the US is exporting liquefied natural gas to help Europe reduce its dependence on Russian energy supplies.

According to the National Oceanic and Atmospheric Administration, temperatures in parts of the northern United States will be below normal from April 25 to May 1. This could increase demand for heating and fuel for power plants, which will result in the diversion of natural gas used to replenish stocks, which is usually stored at this time of year.

The shortage of coal in the United States has also contributed to the rise in natural gas prices, limiting the ability of power producers to switch to fuel in the face of soaring demand and rising prices.

The US Energy Information Administration said last week that natural gas stocks in salt caves and depleted aquifers increased by 15 billion cubic feet in the week to April 8, less than half the average increase over the same period over the past five years; US natural gas stocks are still 18 per cent below normal.