US natural gas prices are at the highest level of July after a surprisingly tight weekly inventory report. Storage increased by 60 bcf, less than the 74-75 bcf analysts were expecting.
Natural gas was already higher on the day but jumped to $6.10 from $5.75 on the report. That's the best level since June 30 when US regulators announced it would take longer to reopen the damaged Freeport LNG facility.
The bigger story in the natural gas market is in Europe where TTF hit 184 today, or about $26 in the US equivalent. Year-ahead power prices in Germany and France are at stratospheric levels on worries about a full Russian cutoff.
