Natural gas forwards bounced back from a late-February slump as the fallout from Russia’s attack on Ukraine exposed the far reaching consequences of the war. Armed with the potential for chilly weather to return to the Lower 48, April fixed prices rallied by an average 14.0 cents from Feb. 24-March 2, according to NGI’s Forward Look.

The prompt month’s move higher was similar to the upswing at the benchmark Henry Hub, where April forward prices jumped 12.0 cents during the period to reach $4.763/MMBtu on Wednesday. The summer strip (April-October) also climbed 12.0 cents and averaged $4.840 for the period, while the winter 2022-2023 strip picked up 9.0 cents to reach $4.960, Forward Look data showed.

Basis moves for April were less significant at the majority of U.S....