Natural gas prices were tracking sharply higher for April baseload delivery amid an uncertain backdrop perpetuated by Russia’s war on Ukraine, according to data collected for NGI’s Bidweek Alert.

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Price gains were well over 50.0 cents in some parts of the country on Day 1 of the April bidweek trading period, as stubbornly chilly weather is keeping heating demand propped up in the Midwest and Northeast. Overnight lows are forecast to dip into the single digits to 30s in the Great Lakes and Northeast for a couple more days, but then another quick cold snap could return by the weekend, according to NatGasWeather.

Dawn baseload gas prices for April delivery jumped a hefty 75.5 cents month/month to around $5.250/MMBtu, Bidweek Day 1 data showed. In the Midcontinent, Panhandle...