Benchmark futures declined as much as 12%, and are about 70% lower from the highs of August.

The REPowerEU plan, which aims to end the EU’s dependence on Russian fossil fuels and tackle the climate crisis, will seek to raise the share of renewables in the region’s final energy consumption to 45% by 2030.

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 bloc’s eighth round of sanctions state that if a tanker owner transports Russian crude above an agreed price threshold, their ship would be prohibited from getting EU services needed to ship the commodity, such as insurance, “in the future.”

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

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.

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.

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.

Europe's gas price benchmark, the TTF month-ahead contract, traded Oct. 7 below Eur160/MWh, more than 50% lower than peaks seen in late August.

The head of Germany's Federal Network Agency, which would be in charge of gas rationing in the event of a supply emergency, repeated his warning a week ago that consumption was too high.

Excluding Russia's share of Kazakhstan's CPC Blend exports, Russian crude exports averaged 2.99 million b/d in the month, down 290,000 b/d on the August levels and lowest since September 2021 when global oil demand was still recovering from pandemic lockdowns