Against a backdrop of soaring crude oil prices fueled by supply fears surrounding the Russia-Ukraine conflict, natural gas futures continued to advance in early trading Wednesday. The April Nymex contract was up 17.3 cents to $4.746/MMBtu at around 8:50 a.m. ET.

NGI Morning Natural Gas Price & Markets Coverage

West Texas Intermediate futures were racing well above the $100/bbl mark early Wednesday, up $7.70 to $111.11/bbl as of around 8:50 a.m. ET.

As the world responds to Russia’s aggression in Ukraine, the resulting energy supply risks are unlikely to go away anytime soon, ClearView Energy Partners LLC analysts told clients in a note Tuesday.

“We see a risk horizon of enduringly short supply and potentially long conflict,” the ClearView analysts said. “…Russia’s invasion of Ukraine demolished decades of...