Baku: Natural gas prices in Europe saw a significant increase of 24.01% last month, reaching an average of $11.76 per million BTU, as reported by APA-Economics, citing the World Bank's monthly commodity price report. This marks a notable rise from the previous month's average of $9.48 per million BTU.

According to Azeri-Press News Agency, the average natural gas price in Europe varied throughout the year, starting at $14.41 per million BTU in the first quarter, then decreasing to $11.87 in the second quarter, $11.29 in the third quarter, and finally settling at $10.26 in the fourth quarter. Looking ahead, the World Bank projected that by 2025, the average gas price in Europe could reach $11.96 per million BTU, which would be 9.1% higher than the current year's average of $10.96.

The United States also experienced a sharp rise in natural gas prices. The average price in January was $7.58 per million BTU, representing a 78.4% increase from the previous month's $4.25. Throughout the year, the average price showed fluctuations with $4.15 per million BTU in the first quarter, $3.18 in the second quarter, $3.03 in the third quarter, and $3.75 in the fourth quarter. Last year's average gas price in the US was $3.53 per million BTU, which was 61.2% higher than the previous year's $2.19.

These price increases come amid various global market dynamics, with Azerbaijan beginning to transport its gas to Europe via the Trans Adriatic Pipeline since December 31, 2020. The fluctuations in the natural gas market continue to impact pricing trends in both Europe and the United States.