Russia's war upends global natural gas order.

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...