Natural gas prices in Europe and Asia soared Monday as supply concerns deepened and the regions are seen competing for liquefied natural gas (LNG) cargoes beyond the winter.

British and Dutch front-month futures gained nearly $3 each to finish above $38/MMBtu, hitting levels not seen in months. Asian spot prices, meanwhile, gained almost $2 to finish above $37/MMBtu Monday. The gains came on the back of a sharp rise in prompt prices last week as well as those further down the curve into summer 2022. Forward prices were up again Monday, too.

“This is proof that the market expects the current competition between Europeans and Asians to attract LNG cargoes to extend into summer 2022,” Engie EnergyScan analysts said in a note Monday. 

European prices haven’t been this high...