U.S. gas surged 8% as demand doubled in a week

U.S. gas futures resumed hitting a local high of $7 per million British thermal units. The rise came on the back of a sharp weekly drop in gas inventories amid worsening weather conditions.

The Energy Information Administration (EIA) reported that U.S. utilities pulled 50 billion cubic feet out of gas storage. These actions triggered a spike in prices on the market. This figure is more than double the previous week's level, hitting 21 billion cubic feet. However, the current heating demand is still below the standard values recorded in the past years. 

Analysts polled by Investing.com had predicted the government to pull 45 billion cubic feet out of storage. 

Before gas prices fell on Wednesday, there had been a steady rise in fuel costs for five trading sessions of around 30%. This is due to the looming polar vortex. Experts predict that the coming winter might be the coldest since December 2010. 

The U.S. Global Forecast System (GFS), along with its European counterpart ECMWF, have already mentioned that adverse weather conditions, particularly record low temperatures, could persist through the end of 2022.