European gas futures prices jumped more than 21% for November shipments and 23% for December shipments in one session, setting new record highs on fears that a few European countries will not have enough stocks for the upcoming winter heating season.
US natural gas futures rose more than 9% in trading on Tuesday, hitting a 12-year high, while record global prices kept demand for US exports from LNG is strong.
Prices in Asia are also trading near record highs, while China and other major buyers of LNG are vying for available shipments to meet growing demand for the fuel.
Gas prices are rising in the United States, although weather conditions in the country are expected to remain more moderate than normal levels for this time of year until late October.
