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European Energy Slumps as German Gas Stores Fill Ahead of Target

  • Dutch next-month price drops 21% after huge weekly gain
  • Germany’s Habeck sees October target being reached soon
Bloomberg business news
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European natural gas and power prices plunged the most in months after Germany said its stores of the fossil fuel are filling up faster than planned. 

Benchmark Dutch futures and German power slumped more than 20% on Monday, paring the dizzying rally seen in the past few weeks. Gas stores in Germany are expected to be 85% full next month, ahead of an October target, Economy Minister Robert Habeck said on Sunday.