Natural Gas $Bloomberg Natural Gas Bull 2X ETF(BOIL)$  has had an epic run from Covid lows. From its $1.46 mcf bottom in June of 2020, Ngas has rallied 687% to its high in late August of last year. That is the biggest bull run in decades. The upleg from December 2021 lows of $3.54 per mcf was likely driven by growing concerns that Russia would attack Ukraine, disrupting the flow of energy to Europe (Ukraine). Germany bought about 40% of its energy needs from Russia before the war. The Bundesnetzagentur reported that Russian imports were 52% in 2021, dropping to 22% last year as the supply chain migrated away from Nord Stream 1 & 2 (OilPrice.com). Norway stepped in to provide 33% of imports last year, according to the report. Industrial consumption fell by 23% y/y in 4Q22, while domestic consumption fell 21% as conservation efforts took hold.