Benchmark futures declined as much as 4.8% on Friday and headed for a third straight weekly loss.

Germany stuck to its refusal to cap gas prices and the 27 could only agree to disagree, declaring they will keep on examining options to put a ceiling on costs.

"If we continue to meet our savings target of at least 20% in Germany, if three LNG terminals start operating at the beginning of next year at the latest, and if the expected winter-related decline in imports and the rise in currently low exports remain moderate, then we can get through the winter without a national gas emergency," he said in a statement.

While Europe lacks transparent data on who owns stored gas, the bulk is held by utilities, including state-owned companies, that will need to withdraw fuel to supply households and manufacturers, according to people familiar with the matter.

"The operation of TurkStream is now fully secured in the long term following the Dutch decision," foreign minister Peter Szijjarto was quoted as saying by Hungarian government spokesman Zoltan Kovacs.

Preliminary production figures for September 2022 show an average daily production of 1 832 000 barrels of oil, NGL and condensate.

Germany could face power shortages this winter without the supplies of Russian gas on which its economy has relied.

Benchmark futures dropped as much as 10.1% to 115 euros per megawatt-hour, the lowest intraday level since mid-June.

According to preliminary data, Gazprom produced 327.4 billion cubic meters of gas from January 1 through October 15, 2022. This is a decrease of 18 per cent (or 72 billion cubic meters) versus the same period of last year.

The EU has already asked members to voluntarily reduce gas demand by 15%, and Energy Commissioner Kadri Simson has said a plan is under consideration to make the cut mandatory.

The Brent crude oil spot price averages $93 per barrel (b) in the fourth quarter of 2022 (4Q22) and $95/b in 2023.

Traders are on edge with Russian President Vladimir Putin saying any energy infrastructure in the world is at risk after the Nord Stream explosions, which he said benefited the US, Ukraine and Poland.

European authorities are on high alert for any signs of sabotage on energy infrastructure since the destruction of the Nord Stream gas pipelines last month.

EU energy ministers gathering in Prague on Wednesday will consider that model, which has already been adopted by Spain and Portugal, allowing consumers to avoid the worst of the price surges.

Benchmark Dutch front-month futures dropped as much as 7.8% to 144 euros per megawatt-hour, the lowest intraday since July 1.