A tightening backdrop in the natural gas market – in part because of unrelenting export demand and its impact on domestic supplies – fueled continued momentum for forward prices through the trading period ending March 23. 

Fixed prices rallied by as much as 25.0 cents for the April contract, with similarly plump increases seen throughout the summer (April-October) and next winter (November 2022-March 2023), NGI’s Forward Look data showed.

The mostly steady gains in the gas market since Russia’s invasion of Ukraine one month ago have lifted benchmark Henry Hub prices well above the $5.000/MMBtu mark for April, traditionally a month in which prices crater as temperatures warm. However, weather also has been supportive of prices as models continue to reflect periods of...