European natural gas prices on Monday hit the highest level since March as dry, hot weather has left water levels on the Rhine River low and made navigation for some fully loaded ships difficult. 

The Rhine is a key waterway in Northwest Europe for moving industrial goods. The low water levels have limited coal and diesel shipments, among other commodities, which could boost the need for natural gas at a time when supplies are low. 

Russian imports remain low, with Nord Stream 1 still at 20% capacity. The Dutch Title Transfer Facility (TTF) contract for September finished above $65/MMBtu Monday, a gain of nearly $4 from Friday’s closing price. 

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