Natural gas contracts briefly hit $US5 for the first time since 2010, Bloomberg reports.
Despite surging production, a weeks-long cold snap across the U.S. has caused demand to surge. Supplies have fallen 4% this week.
Prices are up more than 5% today alone, and the fuel has been the best-performing commodity in the S&P GSCI so far in 2014, up 8.6%. Contracts are also in backwardation, meaning spot prices are higher than forward prices. This has only happened in 13% of all months since 1994 according to S&P.
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