Gas Prices fell 18% on the Dutch Stock Market due to Profits and Full Storages

The stock price of gas on the ICE Futures site has fallen almost 20% so far, according to trading data. The price of September futures at the TTF hub in the Netherlands, which determines the pricing of the continent, as of 12:30 p.m. fell by 18.7%, reaching €275.8 for 1 MWh, or 83.83 per thousand cubic meters.

The last time European gas traded below $2,900 was less than a week ago, on August 24. Over the next few days, the price of a thousand cubic meters of gas at ICE rose sharply to $3,521.

Today's biggest intraday drop since April came as stock players rushed to take profits after key news from Germany and activity was thin because UK markets were closed for a bank holiday. Economy Minister Robert Habeck said storage facilities could be 85% full next month - faster than the planned filling of storage capacity.

EU storage facilities are almost 80% full, the capacity target as of 1 October.

On Friday, August 26, gas futures prices in Europe exceeded $3,500 per 1,000 cubic meters, reaching a maximum since March 7, when the price of fuel set a historical record. On that day, the price of 1 thousand cubic meters of gas shot up to $3,898 per thousand cubic meters.

"We're still getting a lot of LNG, pipeline gas, storage is full in many countries or close to it and demand is down because extremely high prices don't make sense," a European gas trader said, quoted by Reuters. European gas storage is 79.4% full - on track to reach the 80% target by November 1.

"The closer we get to fully filling gas supplies, the more the impulse to raise prices will be cooled," said analysts at Engie's EnergyScan.

A Reuters chart shows the pace at which gas storage in Europe has started to fill up...