Intercontinental Exchange Inc. (ICE) said Wednesday that natural gas futures trading in Europe set new records last month amid volatility sparked by Russia’s invasion of Ukraine and the ongoing threat it has posed for the continent’s energy supplies. 

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ICE said Dutch Title Transfer Facility (TTF) futures reached new heights in March, when 5.08 million lots were traded. That surpasses the previous record in September 2021 of 4.93 million lots. 

Global gas prices remain volatile, but March was bedlam. A little more than a week after Russia invaded Ukraine, fears spilled over that Europe’s natural gas supplies would be interrupted by the conflict or cut altogether.

Europe relies on Russia for roughly a third of its natural gas imports. The TTF prompt contract hit nearly...