European gas prices hit a two-year high on Monday as colder weather boosted demand, accelerating withdrawals from the region’s fast-depleting storage facilities. Futures on the European benchmark TTF in Amsterdam rose as much as 4.

European natural gas prices rose to a two-year high as colder temperatures accelerate the depletion of the region’s storage facilities.

Mar nat-gas prices Monday rallied to a 2-week high and settled sharply higher. Nat-gas prices rallied on expectations for colder US weather that would boost heating demand for nat-gas. Forecaster Atmospheric G2 said Monday that forecasts have shifted colder,