Baku: In March this year, the average spot price of natural gas in Europe under the TTF (the Netherlands' Title Transfer Facility, Europe's most liquid virtual trading hub) index stood at $17.84 per 1 million BTU (British thermal unit), the Gas Exporting Countries Forum (GECF) said, APA reports.

According to Azeri-Press News Agency, the average gas price at the TTF trading hub in February saw a sharp decrease of 58% month-on-month and 36% year-on-year. This indicates a significant reduction in gas prices at this major European hub during that period.

Conversely, the report highlights that in March, the average spot price of gas at the NBP trading hub, the United Kingdom's main virtual gas trading point, amounted to $17.54. This represents a substantial increase of 62% month-on-month and 34% year-on-year, illustrating a contrasting trend in gas prices at these two pivotal trading centers in Europe.

It should be recalled that since December 31, 2020, the transportation of Azerbaijani gas to Europe via the Trans Adriatic Pipeline (TAP) has begun, further integrating the European gas market with alternative supply routes.