Snow and bitter cold from Europe to North Asia, which has pushed liquefied natural gas (LNG) and electricity prices to record-setting highs, hasn’t eased as the rally stretches into another week.

Winter weather has combined with supply outages and shipping constraints in recent weeks to create a historic stretch for the global gas market. Temperatures in China hit their lowest in decades, while snow has plagued Japan, where electricity prices skyrocketed. 

Spot LNG prices in Asia hit $21.45/MMBtu on Friday, up from lows of less than $3.00 only nine months ago. On Monday, Asian prices were assessed above $28.00, and one bid from Trafigura Group Pte. Ltd. for an early February cargo to South Korea reached $36.05. 

The North Asia market has been tightening since late November,...