European natural gas prices tumbled by nearly 20% on Monday following a relentless rally last week that saw the Dutch Title Transfer Facility (TTF) shatter records and break through the $100/MMBtu barrier.  

The September contract finished closer to $80 on Monday as storage stocks across the continent continued to climb and traders took profit ahead of expiration. German Economy Minister Robert Habeck said over the weekend that the country remains on track to meet its target of filling inventories to 85% of capacity by October. 

Germany is Europe’s largest gas consumer. Its gas inventories are currently at 82.7%, according to the Federal Network Agency, the country’s gas regulator. Inventories across Europe are inline with the five-year average at 79%.

LNG prices in Asia...