Against a geopolitical backdrop of an overseas supply crunch, and with estimates showing domestic production continuing to underperform, natural gas futures extended their recent rally in early trading Friday. Adding to a 16.9-cent rally in the previous session, the April Nymex contract was up 12.5 cents to $5.526/MMBtu at around 8:50 a.m. ET.

NGI Morning Natural Gas Price & Markets Coverage

The Biden administration on Friday announced a strategic partnership between the United States and the European Commission aimed at reducing Europe’s dependence on energy imported from Russia. 

According to the White House, the United States will, among other steps, “strive to ensure, including working with international partners, additional liquefied natural gas (LNG) volumes” for the European Union (EU). The White House set a goal...