Even with Russia’s war in Ukraine raging, U.S. natural gas forward prices retreated a bit during the March 24-30 period amid thawing spring temperatures and moderating demand, NGI’s Forward Look showed.

Benchmark Henry Hub set the tone for the week, with volatility still heightened as global energy markets continued to respond to Russia’s invasion of Ukraine. With temperatures in the 70s and 80s taking hold across the southeastern United States though, gas demand in the Lower 48 was declining and expected to remain soft for the foreseeable future, pressuring the front of the curve.

After huge price swings in both directions throughout the period, the Henry Hub April contract ended Wednesday 7.0 cents lower at around $5.340/MMBtu, according to Forward Look. Prices remained...