Natural gas prices soar 9% to their highest level since 2008 as Russia's war on Ukraine shifts more US supplies overseas

• Natural gas prices soared as much as 9% on Tuesday as Russia's war against Ukraine drags on.
• Natural gas prices crossed $8.00 per million British thermal units, the highest level since September 2008.
• As prices rise, US-based natural gas companies are exporting more of their product overseas.

$4 soared as much as 9% on Tuesday as $4 continues to drag on and disrupt various commodity supply chains.

Prices crossed above $8.00 per million British thermal units and hit a high of $8.17, representing the highest level since September 2008. Henry Hub prices settle 6.4% higher at $7.954.

The surge comes as US-based energy companies see a spike in demand for their product overseas. About 30% of planned US liquefied natural gas export capacity has been secured since Russia's attack against Ukraine, according to $4

That heightened activity has helped renew financing for the beleaguered sector that saw a sharp, years-long downturn amid the bust of the 2015 shale boom.

Energy Transfer said it made an 18-year supply deal with South Korea's SK Gas Trading on Tuesday, just one day after it announced a 20-year contract with Gunvor Group. Additionally, the French utility company Engie SA secured 2 million tons of liquefied natural gas from NextDecade's proposed gas plant.

Rising demand for US energy comes as $4 which remains one of the world's largest producers of the commodity. And a combination of low winter gas inventories and a potentially hot summer that increases energy demand for air conditioning could continue to put upside pressure on natural gas prices.