Global natural gas prices are starting to tick upward once again as maintenance events and warmer weather appear to signal more demand for LNG, but analysts are warning a bearish summer could still lie ahead.

After sliding for several weeks to the lowest points since 2021, prompt Asian and European prices began to rally again last Friday as traders started to weigh supply risks. Planned maintenance in both Norway’s prolific gas fields and across Gulf Coast liquefied natural gas terminals could take some volumes off the market as Europe faces a heat wave.

The prompt Dutch Title Transfer Facility (TTF) eclipsed the $12/MMBtu mark for the first time since early May. It was trailed by Asian prices, which have remained around $9/MMBtu since last week.

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