A shot of cold weather that settled in over the weekend across parts of Europe did little to lift natural gas prices in the region, where concerns about the winter heating season have continued to ease amid a surplus of supplies. 

The December Title Transfer Facility (TTF) contract fell 6% from its close on Friday to finish near $14/MMBtu ahead of its expiration this week. Winter TTF contracts remain in contango, but their premium to the prompt month has narrowed. 

Maxar’s Weather Desk forecast temperatures well below normal in Scandinavia, the northern UK and Germany over the next six- to 10-day period. However, the cold has done little so far to cut into record storage inventories for this time of year, which stood at 97.7% of capacity on Monday.

“Despite cold weather,...