Month-ahead natural gas prices climb 30 per cent in just a day

Prices for future natural gas stock soared 30 per cent this morning, driven by demand for the resource rising as energy providers brace for cooler weather.

November month-ahead natural gas contracts climbed to £3.82 per therm, up from the £3.03 per therm opening price.

At one point today, natural gas futures contracts for November topped £4. 

Analysts at Dutch bank ING explained depleted gas stocks across the world, compounded by soaring demand as winter approaches, were to blame for natural gas prices skyrocketing.

Supply has been restricted by weaker flows of the resource from Russia, a crucial provider of natural gas globally, putting further upward pressure on prices. 

Countries have also switched to natural gas as a source of energy due to lower wind and nuclear output.

Economies around the world are in the teeth of an inflation upsurge, primarily triggered by prices for several energy resources touching historic highs.

Oil prices are hovering around $80 a barrel and are level with their 2014 peak, while UK prices at the pump have reached the highest level since 2013.

More to follow.