(Reuters] – U.S. oil prices are rising. At a time when the fuel’s cost tends to drop due to a shortage of demand, the benchmark futures contract reached a high of $8.74 per billion British thermal units. This is a record-breaking 13-year-high.

However, analysts believe that there are many factors which contributed to gas costs rising by around 90% in March. Let’s see what’s happening.

WEATHER

In other words, the heat is higher than normal across many areas of the United States. Gas is the fuel used to generate electricity. This power can be used to cool buildings by businesses and consumers.

Houston is the largest city in Texas. It will reach 100° Fahrenheit (36.7 Celsius) this weekend. This would be about 15° F more than usual for this time of the year.

People responded to the spike in cooling demand by switching on their air conditioners earlier this week. Spot prices, which are the price of gas at specific places, rose in many spots including in Louisiana, California, Pennsylvania, and Chicago.

ALL ENERGY MATERIALS ARE ON THE RISE

As countries try to ensure they have sufficient reliable energy following Russia’s invasion, the gas market has become caught up in the madness that is sweeping the fuel, oil and coal markets. Russia is the top exporter worldwide of crude oil, fuel, and natural gas.

Europe, and other countries around the world are trying to get supplies of Russian energy as there is less export. That factor is what has driven European benchmarks up to many multiples of U.S. pricing, with gas futures at Dutch Title Transfer Facility at $33 Thursday.

America has contributed by diverting LNG cargoes to Europe. Many expect that the demand for LNG will continue to rise as European countries shun Russia.

LNG EXPORTS

When it comes to natural gas markets, the United States is generally considered an isolated nation. This nation is able to produce approximately 97 Bcfd (bcfd), natural gas that can be used for domestic consumption. It also exports about 12 Bcfd through LNG tankers.

However, the demand for natural gas is increasing and, even though America cannot increase its capacity in a matter of minutes, the expectation of continued demand for the product are driving up the prices.

INACCURACY OF STORAGE

Natural gas utilities have the best time to store gas for winter months, which is two years away. This is partly due to the rising demand from overseas and concern about further curtailment in global energy supply.

This has led to less gas storage than usual, at 1.56 trillion cubic feet. That’s about 16% lower than the 5-year average.