European natural-gas prices reached their highest level this year in early trade on expectations that colder weather will boost demand and accelerate drawdowns from storage facilities.

European gas prices have climbed to their highest level for a year, on warnings of potential disruption to supplies from Russia. The European benchmark Title Transfer Facility, traded on the Intercontinental Exchange,

European natural gas prices spike as much as 5% to hit €46/MWh on Thursday, reaching their highest level this year, after Austrian oil and gas producer OMV (OTCPK:OMVJF) warned of a potential halt of gas supplies from Russia.