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.

Price-elastic European industrial gas demand fell significantly in January, particularly in the second half of the month

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.