Winter natural gas prices across the globe have yet to peak as a rally continued Monday in Europe and Asia on colder weather that’s set to boost both heating demand and U.S. exports.

The February Japan Korea Marker (JKM) contract ended 2020 on Thursday at $14.300/MMBtu, while the National Balancing Point (NBP) in the UK climbed to $7.703 and the Dutch Title Transfer facility hit $6.859, “driving the spread between Henry Hub and global prices to its highest level in more than six years,” said EBW Analytics Group.

Even prices in the United States last week climbed on a colder forecast and lower production. Global gas prices continued moving higher on Monday, with NBP hitting a two-year high in Monday trading as chillier weather is forecast for the UK and Northwest Europe...