Natural gas futures swung from a 14-year high above $9.00/MMBtu in the summer of 2022 – following Russia’s invasion of Ukraine and shocks to global supplies — to lows below $2.500 a year later amid robust production and demand fluctuations.

While natural gas prices are always difficult to forecast, it’s a safe bet more fluctuations lie ahead, said ConocoPhillips’ Matthew Henderson, senior market analyst.

“I’m comfortable saying we will continue to see volatility,” Henderson said Thursday at the LDC Gas Forums annual Rockies & West conference in Denver.

At issue: Following the Kremlin’s launch of war in Ukraine, Europe largely swore off Russian gas and called for steep increases in U.S. exports of LNG to fill the void....