Senior Vice President and Chief Data Analyst at OTC Global Holdings, said the rise could be due to the sixth package of sanctions against Russia, which would include an embargo on Russian oil.
In addition, U.S. production is declining and natural gas inventories in storage are 21 percent lower than at this time last year. Natural gas prices have jumped more than 12% in the past two sessions. This surge followed a nearly 30% increase in April.
Earlier we reported that diesel prices in the U.S. renewed their all-time highs for the fifth consecutive day.