Natural gas forward prices made huge leaps during the period ending May 4 as production struggled to grow beyond recent levels and heat began to intensify in parts of the country. With hefty storage deficits poised to hold steady for a while longer, June fixed prices rallied by an average $1.57/MMBtu, according to NGI’s Forward Look.

The stout price gains extended through next year, given robust export demand in the wake of Russia’s invasion of Ukraine. Fixed prices well above $8.00/MMBtu were seen at the majority of U.S. locations.

Henry Hub, for example, averaged around $8.430 for the rest of summer (June-October) after gaining $1.470 through the week. The winter strip (November-March) averaged close to $8.230 after picking up roughly $1.330. The calendar year (CY) 2023...