In June 2020, nearby NYMEX natural gas futures fell to $1.44, a quarter-of-a-century low. The energy commodity found a bottom, and Russia’s invasion of Ukraine caused an explosive rally in European natural gas prices and increased the demand for U.S. LNG exports, lit a bullish fuse under the U.S. natural gas futures that took the price to a fourteen-year high a little over two years later, in August 2022.
Meanwhile, an unseasonally warm European winter and plenty of natural gas supplies have pushed the price down to not far over the June 2020 lows in early May 2023.
