US gas contracts rose to a 14-year high

US natural gas futures rose to a 14-year high on Wednesday, following the lead of oil, due to European Union plans to phase out Russian energy imports.
US contracts for gas for June delivery jumped 428 cents to $8,382 per million British thermal units.

Earlier, prices reached $8,474, their highest since August 2008.

US gas futures have gained more than 100% so far this year as a sharp rise in prices in Europe keeps demand for US liquefied natural gas exports at record levels, while a few countries are trying to end their dependence on Russian gas.

Gas trading in Europe has stabilized around $36 per million thermal units, while prices in Asia are at $24.