Natural gas prices on Friday forged ahead for the third time in four days, buoyed by global supply fears imposed by Russia’s invasion of Ukraine, surging European prices and the related prospect of a protracted period of record demand for U.S. liquefied natural gas (LNG).   

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At A Glance:

  • Russia continued its assault on Ukraine
  • Markets priced in potential for more sanctions
  • Northeast hubs dragged down cash prices

The April Nymex gas futures contract spiked 29.4 cents day/day and settled at $5.016/MMBtu. May rose 30.0 cents to $5.036.

NGI’s Spot Gas National Avg., however, shed 64.5 cents to $4.495 amid expectations for mild weekend weather and light near-term domestic demand.

Russia shelled southern Ukraine late in the week, causing a fire at the largest nuclear...