Natural gas prices reached their highest level since last January, exceeding $3 per thousand cubic feet, driven by the summer heat wave and a decline in production in June.

Bob Yawger, executive director of energy futures at Mizuho Securities, attributes this rise to the shrinkage of the huge surplus in gas reserves.

Yawger warns of the possibility of a decline in prices in the coming days, with the market entering the overbought zone.

Gas prices have witnessed a significant recovery since the beginning of this year. It rose by 22% in 2024 and by 36% on an annual basis.