European natural gas prices are seeing a reduction due to the continually growing fuel reserves.
Benchmark futures saw a drop of up to 3.2%, after an increase in the prior session.
The subdued demand following the energy crisis last year, combined with high storage levels, is helping maintain stable prices.
Fuel reserves in the European Union are currently over 87% full, marking the highest for this period, as per Gas Infrastructure Europe.
This figure is nearing the EU’s set goal of 90% by November, a move to decrease dependency on Russian energy after the conflict in Ukraine.
Countries such as Spain and the Netherlands have already surpassed this target, with Germany and Italy approaching it rapidly.
Dutch front-month futures, which are the benchmark for Europe’s gas, recently traded at a 2.3% decrease, pricing below €30 per megawatt-hour. The UK’s corresponding contract saw a 1.5% dip.
