Natural gas prices bounced back Tuesday amid potential for even stronger demand for U.S. exports of liquefied natural gas (LNG) against the backdrop of Russia’s invasion of Ukraine and the specter of European supply disruptions as the war raged into a seventh day.

Forward Prices

At A Glance:

  • Production falls to 97 Bcf/d
  • Forecasts for mixed demand
  • NGI models draw of 41 Bcf

The April Nymex gas futures contract settled at $4.573, up 17.1 cents day/day. The prompt month had shed 6.8 cents a day earlier. May advanced 17.8 cents to $4.598 on Tuesday.

NGI’s Spot Gas National Avg. moved in the opposite direction, shedding 11.5 cents to $4.280 amid modest weather-driven demand. A day earlier, it dropped more than $1.500.

European natural gas remained elevated Tuesday – as they have for...