European natural gas prices remained stable on Monday despite bitter cold that’s gripping the northern part of the continent.

Prices spiked briefly last week as colder weather descended, but ample storage stocks and a steady flow of LNG supplies have kept a lid on both the Title Transfer Facility (TTF) and the National Balancing Point (NBP). 

TTF January prices closed Friday below their five-day average and finished another 2% lower Monday in what Engie EnergyScan said is an “indication that the market is starting to realize that European gas fundamentals are not that tight.”

Below normal temperatures are expected across Germany, Italy, Poland, France and the UK this week, a trend that is expected to continue over a 6-10 day period, according to Maxar’s Weather...