Europe: At the close of trading yesterday, the price of 1,000 cubic meters of gas in Europe fell to USD 401. This represents a significant shift in the energy market dynamics on the continent.

According to Azeri-Press News Agency, on May 7, the price of June futures on the TTF (Netherlands’ Title Transfer Facility, Europe’s most liquid virtual trading hub) index stood at USD 401.4. This marks a 1.4% decrease compared to the previous settlement price of USD 407.1.

The supply of Azerbaijani gas to Europe via the Trans-Adriatic Pipeline began on December 31, 2020, contributing further to the energy landscape in the region.