Warmer weather in Europe and Asia weakened competition for liquefied natural gas (LNG) cargoes and pushed prices lower as the week got underway.

The Title Transfer Facility (TTF) climbed higher for most of last week, reversing declines that came with the end of December. The contract lost steam and closed lower Friday. The Japan-Korea Marker (JKM) followed a similar trajectory and is again fetching a premium over the European benchmark after the spread inverted last month amid skyrocketing prices across the continent.

The losses continued on Monday, when warmer weather and a windier outlook weighed on natural gas demand and buoyed renewables in Europe. Mild weather is expected throughout the month in Northern and Western Europe, while temperatures in Asia are forecast at or...