Natural gas prices surged Monday in Europe on intensifying concerns that Russia’s plan to close the Nord Stream 1 (NS1) pipeline could cripple the continent’s ability to store enough fuel to meet heating needs in the coming winter. U.S. futures followed suit.

Russia’s Gazprom PJSC late Friday said it would halt gas flows to Europe via NS1 for three days starting Aug. 31, a move that sparked fresh concerns “over winter shortages” and bolstered bullish market sentiment in the United States by extension, EBW Analytics Group said.  

Dutch Title Transfer Facility gas futures on Monday jumped nearly 15% from Friday to settle at $81.52/MMBtu. TTF for September hit an intraday high of $85.95/MMBtu. Already lofty U.S. prices climbed close to $10 in morning trading Monday,...