Global natural gas prices remain high, but they were largely stable Monday and Tuesday after an extraordinary stretch of chaotic trading last week.

National Balancing Point and Title Transfer Facility (TTF) futures closed higher Tuesday as the market appeared unable to find its footing after last week. Milder weather over the next six to 10 days and somewhat stable pipeline imports had weighed on prices Monday. However, tight coal market conditions have slowed gas-to-coal switching abilities and are supporting natural gas demand.

“The truth is that TTF prices have disconnected from their traditional fundamental based anchors or at least the visibility on key balancing support and resistance levels is a lot less clear than it used to be,” said Energy Aspects’ James Waddell,...