European natural gas prices again moved higher on Monday as forecasts grew colder and higher carbon prices supported the commodity. 

Both the Dutch Title Transfer Facility and the UK’s National Balancing Point climbed higher last week. Very cold temperatures are forecast for the northern half of Europe over the next week, while the 11- to 15-day outlook is trending below normal as well, according to Maxar’s Weather Desk. 

Meanwhile, warmer weather and Lunar New Year holidays that are to begin later this week are taking a bite out of Asian demand. Spot prices in Asia are moving closer to the $7 range, falling for the third straight week from record highs earlier this winter. LNG cargoes are now making their way back to Europe in a market reversal after vessels were diverted...