European natural gas prices surged on Monday, lifted by a jump in other commodities and ongoing competition for LNG amid a tightening pool of supplies. 

The prompt Title Transfer Facility (TTF) contract surged by more than 20% to finish at nearly $9/MMBtu. Monday’s sharp spike came after nine straight weeks of losses, when TTF fell below $8 for the first time since April 2021. 

Engie EnergyScan analysts attributed the gain to a jump in both oil and coal prices. Over the weekend, OPEC and its extended partners decided on no further oil production cuts this year, but Saudi Arabia said it would slash another 1 million b/d. The decision pushed Brent crude prices higher as the week got underway. 

While TTF slid 6% last week, Japan-Korea Marker (JKM) futures traded sideways near...