Natural gas prices surged worldwide on Monday as the threat of further Russian supply cuts again loomed over a tight market, particularly in Europe where the Dutch Title Transfer Facility (TTF) contract shattered previous records.

The prompt TTF settled at $81.52/MMBtu Monday, nearly 15% higher than Friday’s close and well above the $72.765 record set in March shortly after Russian President Vladimir Putin ordered the invasion of Ukraine. The contract hit nearly $86 in intraday trading and TTF for November and December settled above $82. 

“The market remains highly concerned about the supply situation,” said trading firm Energi Danmark in a note to clients. Gazprom PJSC said Friday it would stop all flows on Nord Stream 1 (NS1), the largest pipeline serving Europe, from...