Global natural gas prices have started off strong this week with a number of variables supporting benchmarks as winter draws nearer.

The prompt Dutch Title Transfer Facility (TTF), National Balancing Point (NBP) and Japan Korea Marker (JKM) are all at or near levels not seen since last year, while Henry Hub futures traded above $3.00/MMBtu last week for the first time in nearly two years and finished above that mark again on Monday and Tuesday. 

In Europe, cooler temperatures, less output from Norway and a spike in demand in Asia, where JKM spot and futures prices have rallied this month and are above $7.00, have reinforced TTF and NBP. 

But the European benchmarks were headed for a second straight day of losses on Tuesday. LNG sendout levels have started increasing, with the...