As Russia invades Ukraine, U.S. natural gasoline surged to its highest point in almost 14 years Tuesday.

Prices for Henry Hub rose more than 9 percent to $8.14 per Million British Thermal Units (MMBtu), during Wall Street morning trading, which was the highest since September 2008.

Campbell Faulkner is OTC Global Holdings’ senior vice president, chief data analyst, and said that the decision was made because of “flurry” of market conditions, including OTC Global Holdings considering adding a sixth round to its sanctions against Russia, which could also include Russia’s energy complex.

Additionally, U.S. production is declining and storage gas is at 21% below last year.

He said, “Higher power consumption this summer…switching will decrease the amount of gas available for storage infill. This is driving prices up in a traditional commodity cycle (backwardation), to get gas onto the market.”

Natural gas prices increased more than 12 percent in the past two sessions. After a gain of nearly 30% in April, the surge is due to a rise of more than 12%. Inflationary pressures are increasing across the entire economy due to rapid upward price movement. This is also due to a surge in demand for U.S. liquid natural gas. Electricity bills for consumers are increasing as utilities companies increase input costs.

EBW Analytics indicated that warmer weather is a major factor in the rise of natural gas demand.

“A faster-than-expected turn hotter, however, is the principal bullish driver as traders jump on early-season heat in Texas—and any further weather model shifts hotter could set up a challenge of recent highs,” the firm added.

Energy was the top-performing S&P 500 group Tuesday, advancing more than 1%.