(Bloomberg) -- Investors increased bets on higher European natural gas prices, fearing that further supply disruptions will trigger even more market volatility as the focus turns to building stockpiles for next winter. 

The number of net long positions in benchmark Dutch gas futures held by investment funds rose for a third consecutive week to the highest since October, according to data from Intercontinental Exchange Inc. released Wednesday. The trend highlights that while demand remains muted and the region exited the heating season with the highest stocks on record, traders are getting concerned. 

Read More: European Gas Traders Are Already Worrying About Next Winter

There is uncertainty over remaining Russian flows through Ukraine and rebounding gas demand in Asia. Unplanned outages at top supplier Norway, and concerns the coming winter may not be as mild as the last, are also contributing to the persistently bullish outlook.

The number of money managers’ long contracts — essentially bets that prices will rise — increased about 3% in the week to April 26, while outstanding short contracts edged lower. Futures have eased from the highs in mid-April, but prices are still extremely volatile, with intraday swings now becoming the norm.

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