Natural gas futures on Wednesday posted a double-digit advance for a second consecutive session as Russia forged ahead with its invasion of Ukraine, intensifying concerns of an energy crisis and fueling a rally in commodity prices.

At A Glance:

  • War worries propel markets
  • Spot prices follow futures higher
  • Analysts expect triple-digit storage pull

The April Nymex gas futures contract climbed 18.9 cents day/day and settled at $4.762/MMBtu. The prompt month rose 17 cents a day earlier. The May contract also gained 18.9 cents on Wednesday to close at $4.787.

NGI’s Spot Gas National Avg. advanced $1.605 to $5.885, as cash prices rode the wave of momentum.

Analysts attributed the gas futures rally to war-induced supply worries that also bolstered European gas and global oil...