Natural gas prices across the world tumbled on Monday, correcting after a stretch of gains that saw some benchmarks again set records last week.

In Europe, prices closed lower across the curve. The Title Transfer Facility hit a record last week, when the prompt contract finished at nearly $15/MMBtu. Pipeline imports were largely stable on Monday, while liquefied natural gas (LNG) arrivals are poised to increase this week. But fundamentals on the continent remain unchanged, with natural gas storage inventories low and competition for LNG cargoes with Asia still strong. 

“Over the course of the last couple of weeks, prices have continued to climb steadily, with the most traded contracts at all-time highs,” said trading firm Energi Danmark. “Low storage levels and reduced LNG...