The situation is not yet like that in the early months of 2001, when natural gas prices spiked to $10 per million British thermal units (mmBtu) and caught many in the industry red-faced. But prices have been rising steadily in the US for several months, and many energy companies are taking out new hedges at higher price levels.

John Hopper, president of Houston-based storage operator Falcon Gas Storage says natural gas prices are moving in tandem with oil prices, which has not been the case