Comment by paj26

Not sure which natural gas that’s referencing, but looks to be a US index (Henry Hub or so) - note the peak corresponds to a cold snap, not the Iran war. Natgas is tricky because it’s: difficult to store and difficult to transport (aside from well-established pipelines), so you have a massively disjointed market between various deliver markets (look at NY Henry Hub vs Dutch TTF), and also a massively disjointed market between delivery delivery dates (natgas calendar spread trades has been nicknamed “widowmakers”)