Bitter cold forecast for parts of Europe this week is set to bring the first major test of the winter heating season for the continent’s gas market and its robust storage inventories. 

The UK’s National Balancing Point and the Dutch Title Transfer Facility (TTF) both gained about 3% on Tuesday and settled above $40/MMBtu. The market is focused intently on weather as the continent readies for its first winter without substantial imports of Russian natural gas. 

Temperatures are expected to plunge below zero in the coming days on parts of the continent. Maxar’s Weather Desk expects intense cold later in the week to impact the UK and Western Scandinavia. While the southern part of the continent is expected to remain warm, frosty weather is also forecast to persist in the...