Global natural gas contracts traded on the Intercontinental Exchange (ICE) saw another strong month in November as the market remained tight amid a volatile stretch of trading that has the benchmarks on track to set annual records.

Japan-Korea Marker (JKM) futures volumes of 76,567 lots last month took combined futures and options for 2021 to 930,928 lots. Volumes of JKM, a pure liquefied natural gas (LNG) benchmark, could surpass one million lots in a year for the first time if the strength persists through the end of the month in the coming days, ICE said.

JKM futures open interest set another month-end record in November at 124,333 lots, the seventh month-end record this year. Open interest is the number of outstanding derivative contracts that serves as an indication of...