Reference prices for natural gas in Europe fell on Friday, after Russia reserved, at the last minute, new capacity to transport natural gas through pipelines, Bloomberg reports.

Futures on the Dutch hub fell by up to 16% on Friday, following Russia’s announcement that it had eased some of its concerns about gas supplies, fears that were lowered and estimates that more LNG cargoes will reach Europe. In addition, the weather forecast also shows that a cold front that will start next week will not last as long as previously estimated.

Russian giant Gazprom PJSC has set aside about 30 percent of its pipeline space to deliver natural gas from Russia to Germany via Poland, at overnight auctions.

In response, gas quotations for next month’s delivery on the Amsterdam Stock Exchange fell to 120.60 euro for a megawatt-hour, according to Agerpres.

“Whatever the reason for this last-minute capacity reserve, it clearly highlights the rapidly declining stocks issue facing Europe,” said Ole Hansen, an analyst at Saxo Bank.

On Monday, traders will closely monitor the monthly tender for transit capacity, which will provide an indication of Gazprom’s plans for next month’s deliveries.

If Russia finally decides to turn on the taps after limiting its exports to the quantities set out in long-term contracts, gas quotations on the Dutch stock market could fall rapidly to a level close to 80 euros per Megawatt-hour, says Ole Hansen.