Brussels: Gas prices in Europe have surged to over $458 per 1,000 cubic meters, marking a notable increase in the energy market. During today’s trading sessions, the cost of gas rose to $458.2, reflecting a 1% rise compared to the previous calculation price of $453.9, APA-Economics reports.

According to Azeri-Press News Agency, the increase in gas prices is linked to trading on the TTF (Title Transfer Facility) index, which serves as Europe’s most liquid virtual sales center. The rise in futures prices for July indicates a growing demand and potential market fluctuations as the continent braces for the upcoming energy needs.

The transportation of Azerbaijani gas to Europe via the Trans-Adriatic Pipeline (TAP) commenced on December 31, 2020. This development has been a significant factor in the European gas supply chain, providing an alternative route and source for gas importation into the region. The TAP pipeline continues to play a crucial role in meeting Europe’s energy demands.