Global natural gas prices are soaring as the week gets underway amid increasing demand in Asia and colder weather in Europe.

The Dutch Title Transfer Facility, the dominant price marker in Europe, hit its highest point in nearly two years during Tuesday trading. TTF is moving higher after falling last week amid lackluster heating demand, higher wind generation and strong pipeline imports. Colder weather is forecast for the continent and booming liquefied natural gas (LNG) demand in Asia has also cut supply in Europe. 

Spot prices in North Asia were seen moving well above $13.00 on Tuesday after reports surfaced of Trafigura Group Pte. Ltd. purchasing a cargo from Vitol near the $13.50/MMBtu level. Both spot and futures prices continued climbing in the region last week. Analysts...