After settling 3% lower on Tuesday, U.S. natural gas prices surged by 8% early on Wednesday to new multi-year highs amid tighter supply and low storage levels in view of expected moderate to high demand for cooling in most of the western and southern U.S. As of 10:28 a.m. EDT on Wednesday, the price of the U.S. benchmark Henry Hub was soaring by 7.68% at $4.927 per million British thermal units (MMBtu). Models for the second half of September predict warm weather with high temperatures, which is expected to drive demand for natural gas. This week, national demand will be low across the northern U.S. but moderate to high across the western and southern U.S., according to the September 7-13 model from NatGasWeather.com . In addition, natural gas supply from the U.S. Gulf of Mexico remains mostly shut-in ten days after Hurricane Ida made landfall in Louisiana. According to […]