Some traders are betting that Europe’s natural gas prices would surge by 60% from current levels by next summer, amid many uncertainties on the market months from now. Dutch TTF Natural Gas Futures, the benchmark for Europe’s gas trading, have traded at around $37.75 (32 euros) per MWh in recent weeks, with the forward price for the summer 2026 at around $36.57 (31 euros) per MWh. The options traded on Monday suggest that some traders are betting that Europe’s natural gas prices could spike by 60% from current levels by the spring and summer. This summer, LNG demand in Asia is tepid, allowing Europe to draw a lot of U.S. LNG cargoes. Uncertainties about the Russian gas supply to Europe are also making the options market for next year ripe for speculation.