Natural gas prices soared in October bidweek trading as markets fixated on a potential global supply squeeze and expectations of strong demand for U.S. exports of liquefied natural gas (LNG) by winter.

NGI’s October Bidweek National Avg. spiked $1.355 month/month to $5.495/MMBtu. A year earlier, when the coronavirus pandemic weighed heavily on demand, the October 2020 bidweek average came in at only $1.865.

Bidweek spanned Friday, Sept. 24 and Monday-Tuesday, Sept. 27 and 28. Natural Gas Intelligence announced in May the decision to shift to a three-day bidweek trading period, beginning with October bidweek, instead of the traditional five days in its price index determination period.

During bidweek, the October Nymex natural gas futures contract rolled off the board on...