In the US, recent cold weather spells in some regions are having a direct impact on natural gas, heating oil and crude oil. This, combined with lower storage reserves than last year has applied intense upward pressure on prices. In the northeast, the spot price of natural gas spiked in January this year to a historical high of over $44 per mmBtu – more than 15% higher than previous highs in the year 2000 (see figure 1). Similar changes are evident in the European markets as well, with prices
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