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Natural gas could really use an OPEC-style coordinated production ramp-up right now.
U.S. Henry Hub natural gas prices, at around $ 5 per million British thermal units (MMBtu), more than doubled from the previous year. When the benchmark crossed the $ 4 mark in early August, it was a rare milestone, especially so far ahead of the winter heating season. The sticker shock is even greater elsewhere in the world: benchmark futures in East Asia are four times higher than a year ago, while spot prices for European natural gas are five times higher. Both referrals exceeded $ 18 per MMBtu.
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