Amsterdam: Natural gas prices in Europe have experienced a significant increase, rising by 35% compared to the previous year. In April, the average spot price of natural gas based on the TTF (Title Transfer Facility), Europe's primary virtual trading hub located in the Netherlands, was reported to be $15.57 per million BTU (British Thermal Unit).

According to Azeri-Press News Agency, the average gas price at the TTF hub showed a 13% decrease month-on-month in April. Despite this monthly decline, the year-on-year comparison highlights the substantial price surge. Similarly, the NBP gas trading hub in the United Kingdom reported an average spot price of $15.15 in April, marking a 14% decrease from the previous month but a 35% increase from the previous year.

The report highlights that the Trans Adriatic Pipeline (TAP), which began transporting Azerbaijani gas to Europe on December 31, 2020, plays a crucial role in the current gas supply dynamics in the region.