Bank Of Baku

Europe's natural gas prices drop by 5%

Europe
# 23 October 2023 11:26 (UTC +04:00)

Gas prices dropped below USD 550 for the first time since March 10 for 1000 cubic meters in auctions held today in Europe, APA-Economics reports.

Prices for November futures amounted to 532,5 dollars on October 23 in comparison to the previous counting price (560,2 dollars) in TTF (The Netherlands` "Title Transfer Facility" – Europe`s most liquid virtual sales center) index, making it an 4,9% decrease.

It must be noted that Europe’s gas prices have increased to the maximum record price of 3900 dollars a couple of times during the day on March 7 last year.

Note that from December 31, 2021, Azerbaijan's gas transport to Europe through Trans-Adriatic pipeline (TAP) started.

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