European natural gas prices bounced back on Monday as competition for LNG with Asia remains strong and more Norwegian supply outages are expected this month amid another heavy round of maintenance offshore.

The prompt Title Transfer Facility (TTF) contract finished 6% higher Monday to close near $10/MMBtu. TTF gained further out the curve as well, finishing above $11 for October and at nearly $14 for November. 

The prompt TTF contract traded sideways last week, at one point dipping below $8/MMBtu, as demand remains weak and storage inventories are high. The prompt Japan-Korea Marker (JKM) finished last week 2 cents higher near $11 as the Asian liquefied natural gas benchmark continued to maintain its premium to TTF. 

“While the widening of the spread this month has been...