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.

natural gas 4 hour

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.