Natural gas prices in Europe fell for the second day in a row.

Dutch TTF futures fell as much as 4.6% before paring some losses to trade about 1% lower.

The major gas export hub in Texas is scheduled to reopen in October at almost full capacity, which caused prices to slip. The most recent update shows that supplies will return much more quickly than expected.

Europe is facing worsening natural gas pressures due to Russia's tightening of supplies, and the restart of the US plant is a good time to do so. The European economy is feeling the effects of the energy crunch and governments are calling for less consumption.

Russia's Gazprom reduced gas flows to Germany last week due to equipment issues. European gas prices went up because of Russia's halt of flows to Latvia.

Even though the US is sending more gas by boat to the continent than Russia is, the price of natural gas is still lower.

Ahead of winter, Europe is on track to meet its storage goals of 80% capacity, but nations are paying 10 times the historical average.