Global natural gas prices were muted on Monday as Europe’s Title Transfer Facility (TTF) continued trading sideways, the Japan-Korea Marker (JKM) followed and prices in the United States remained at some of the lowest levels in years.

Fundamentals are largely unchanged. TTF traded in a stable range at just under $20/MMBtu last week, but increased about 6% during the week. It was the contract’s largest weekly gain in about two months on colder forecasts. 

“The market sees very modest fluctuations at the moment compared to what we had gotten used to last year, and not even changes to the weather forecasts are able to cause any major fluctuations, as very high storage levels limit the vulnerability,” trading firm Energi Danmark said in a note on Monday. “We expect...