European natural gas prices rose to a two-year high amid colder temperatures and tightnening storage facilities, ING's commodity experts Ewa Manthey and Warren Patterson note. 

Gas stockpiles are already at their lowest

"Prices rose more 4% this morning, hitting the highest level seen since February 2023. Stockpiles are already at their lowest for this time of year since the energy crisis in 2022. Inventories are only 49% full compared with 67% at the same time last year."