European natural gas prices surged Monday as the supply concerns that have plagued the market this winter are deepening amid ongoing tensions between Russia and Ukraine.

The Title Transfer Facility (TTF) gained across the curve, moving higher along with the Japan-Korea Marker (JKM). Buyers in Asia are slowly returning to the spot market. Additionally, two of China’s state-owned LNG importers reportedly decided against offering dozens of cargoes by closing sales tenders that had weighed down prices in the region last week. 

The February and March TTF contracts gained by nearly $5 on Monday, capturing headlines as a standoff between Russia and Ukraine could potentially leave the continent short of gas supplies at a time when storage inventories are at their lowest in over a...