NG in Europe 4 x price in USAJulianne Geiger writes for OilPrice.com:
U.S. natural gas futures (NGM22) rose more than 4% on Monday morning to $8.456 per MMBtu, as U.S. LNG exports reached a seven-week high to service LNG-thirsty Europe, according to Reuters. Natural gas prices in Europe are roughly four times as expensive as U.S. natural gas—a ratio that has enticed many U.S. LNG players to export their product outisde the U.S. market.
The United States had 1,732 Bcf of working gas in underground storage as of May 13, according to the Energy Information Administration (EIA), which is 17 percent lower than this time last year and 15 percent lower than the five-year average.
According to Reuters, the amount of gas in U.S. storage has fallen below the amount in storage in Northwest Europe.