European natural gas prices hit their highest point in months on Tuesday, extending a series of gains as the continent continues to face the threat of supply shortages on a number of fronts.

A prolonged shutdown of the Freeport liquefied natural gas (LNG) export terminal in the United States, reduced flows from Russia on the Nord Stream 1 (NS1) pipeline and now a labor strike that has shut down a chunk of Norwegian production are all pressuring the Title Transfer Facility (TTF) benchmark higher. 

TTF has notched gains for the last three weeks. The benchmark hit its highest point in four months on Tuesday, when the August contract closed at nearly $50/MMBtu. 

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