Natural gas prices in the U.S. have soared more than 18% over the past three sessions to a 14-year high, RBC reported. On the back of strong demand, the exchange price of gas continues to rise after growing by almost 30% in April. And over the past year, quotations of U.S. Henry Hub gas have added 168.5%.

At trading on Tuesday, May 3, the exchange price of gas at the New York Mercantile Exchange (NYMEX) soared more than 9% to $8.169 per million British thermal units (MMBtu) or $292.45 per 1,000 cubic meters. This is the highest level since September 2008. At the end of trading futures for gas with delivery in June closed with growth of 6.4% – at $7.954 per MMBtu ($284.75 per 1 thousand cubic meters).

On Wednesday, May 4, June gas futures on the New York Mercantile Exchange traded at $7.93 (-0.4%) as of 12:09 p.m. Moscow time ($283.89 per MMBtu).

Campbell Faulkner, senior vice president and chief analyst at OTC Global Holdings, believes that the soaring prices were caused by “a flurry of tightening market conditions,” including the fact that the EU is once again considering the possibility of rejecting Russian energy supplies. In addition, US gas production is falling and there is 21% less gas in storage than there was at this time last year, the expert said.

Also, another surge in gas exchange prices was caused by the growing demand for U.S. liquefied natural gas (LNG) from Europe. According to Reuters calculations, by the end of April, Europe was the largest importer of U.S. LNG for the fifth consecutive month, accounting for about 64% of U.S. exports.