The invasion of Ukraine has shocked Germany and its European Union allies into a radical shift in energy policy, with the bloc rushing to cut its dependence on Russia.
For now, Europe’s largest economy opposes sanctions or political pressure that would prompt a full energy embargo. Only the U.S. and the U.K. have imposed explicit bans on imports from Russia. We also have U.S. President Joseph Biden's planned release of a massive 180 million barrels of crude oil into the market from its Strategic Petroleum Reserve at a rate of more than a million barrels per day. No doubt this is a huge figure that will shrink the Strategic Petroleum Reserve to lows not seen since the 1980s.
This decade-low emergency inventory would come at a time while U.S. production has stagnated with oil companies resisting calls to pump more when demand continues to rise due to the emergence of an energy embargo.
On Friday, the U.K. said that it would also release more oil and gas from its reserves. This intense action could add one more leg to this energy embargo. On the other hand, OPEC+ appears content to stay the course, agreeing on Thursday to stick to the agreed-upon production hikes for May. At the same time, Canada continues to raise the price of carbon, thereby raising the price of natural gas.
Natural gas futures, constantly maintaining an uptrend since January 2022, are set to test a fresh high in mid-2022. 
Technically speaking, NG has found a strong base at 200 DMA in the monthly chart, which ensures a breakout soon as the monthly candle for April is still sustaining above 9 DMA. Moreover, the formation of a 'Bullish Crossover' as the 9 DMA and the 26 DMA crossed 200 DMA, ensures the continuation of the current uptrend.
No doubt, volatility could remain higher as the selling will follow every upward move, but the overall trend could remain north due to the growing energy embargo.
Disclaimer: The author of this analysis does not have any position in natural gas futures. Readers are advised to take any position at their own risk; as natural gas is one of the most liquid commodities of the world.