Natural gas prices in Europe fell the most since March after Germany reported that its gas storages are filling up faster than expected ahead of winter.
According to German Economy Minister Robert Habeck, the government’s goals for filling gas storage facilities were met ahead of schedule, calming fears of severe gas shortages this winter.
“The reservoirs are filling up quicker than planned,” he told German magazine Der Spiegel according to a report published on Sunday.
Germany is currently working to wean itself from Russian energy after Russia’s invasion of Ukraine, in order to prevent a severe shortage during the winter months.
Habeck estimates that the government target of 85% storage capacity by October might be met as early as the first week of September.
Benchmark Dutch front-month futures fell as much as 19%, partially offsetting last week’s increase of about 40%. In Germany, electricity rates have also fallen from their all-time high.
Inflation rates inEuropean nations are at their highest levels in decades, putting the region on the verge of a recession. Approximately EUR280 billion (US$278 billion) have been set aside by governments as aid packages to cope with the crisis.
