European natural gas prices jumped to two-year highs Monday, as higher fuel demand due to colder temperatures risks draining already low inventories. The benchmark front-month gas contract at the Dutch TTF hub rose as much as 5.

Europe's gas and energy trading industries have urged the European Union not to cap gas prices, as Brussels seeks ways to protect consumers and businesses from energy price spikes.

European natural gas prices slumped Thursday as US-Russia talks boosted prospects for an end to the war in Ukraine, raising expectations that supplies from Moscow will resume.

Futures being traded at the Title Transfer Facility in the Netherlands, a hub that acts as a virtual trading point for natural gas, went up by 4 percent, to 58 euros per megawatt-hour, or some $635 per thousand cubic meters, the highest level since February 2023.

The European Union is considering a new cap on natural gas prices as part of its clean industrial deal, but the proposal faces strong opposition from the energy industry.

When the temperature drops, the price of gas increases. In Europe, the discussion about freezing its prices is resurfacing. However, such intervention is controversial. Traders, energy exchanges, and financial sector representatives have sent a joint letter to Ursula von der Leyen,