European and Asian natural gas prices continued moving higher last week and again finished strong on Monday as the regions competed for supplies. 

Lingering cold in Europe, along with a drop in pipeline imports and a rise in the Japan-Korea Marker (JKM) contract, are supporting prices on the continent, where storage inventories remain about 25% below the five-year average. Below normal temperatures are expected to continue in the UK, France, Germany, Italy, Hungary, Poland, Scandinavia and the Balkans this week, while the 6-10 day period looks more normal, according to Maxar’s Weather Desk. 

“All factors support the uptrend right now, as cold spring weather across Europe, supply concerns regarding Russia due to the relationship with Ukraine, and a surging carbon market all...