Turmoil in Russia had little impact on U.S. natural gas prices early this week, traders said, but the uncertainty it infused into an already tenuous global energy outlook raised the specter of supply interruptions and market volatility in the months ahead.

LNG

Over the past weekend, the Wagner private military group, until recently aligned with the Russian army and its war in Ukraine, briefly threatened a rebellion against the authority of the Kremlin and President Vladimir Putin’s 23-year regime. The short-lived insurgency sparked concerns about fresh threats to Russia’s energy supply, but production of both oil and gas appeared to hold steady and traders re-focused their immediate attention on mounting summer demand for both fuels, particularly natural gas.

The July New York...