European natural-gas prices continued to hover around their highest level this year on stronger demand and concerns over Russian flow disruptions.

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

A row between a Kremlin-controlled energy giant and one of its European customers has sent the price of gas surging to its highest level in a year.

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.