Russia’s yearlong – and ongoing – invasion of Ukraine sparked a reordering of global natural gas supply and demand, igniting record calls for U.S. exports of LNG and amplifying the enduring prominence of fossil fuels in the world’s energy mix. Domestic gas production climbed to record highs in response.

The war, whose one-year anniversary is Friday (Feb. 24), punctuated demand for American oil, too, galvanizing production increases of crude and bolstering supplies of associated gas to meet demand.

Price volatility ensued, with New York Mercantile Exchange natural gas prompt month futures surging in 2022 to 14-year highs near $10.00/MMBtu. Prices in Europe jumped exponentially higher after Western sanctions against Russia hastened European countries’ efforts to wean...