European gas prices decline as Russia-Ukraine tensions abate

Russia meets 40% of Europe's natural gas needs

By Zeynep Beyza Kilic

ANKARA (AA) - Natural gas prices in Europe started to decline on Wednesday after Russia announced a partial withdrawal of troops from the Ukrainian border.

Natural gas prices for March future contracts, traded on the TTF - the Netherlands-based virtual natural gas trading point, reached as high as €83.60 (€1 equals 15.51 Turkish liras) on Tuesday.

Natural gas was trading at €68.50 on Wednesday, with a 15% decrease after closing the previous session at €80.77.

Europe imports approximately 40% of its natural gas needs from Russia, equivalent to 175 billion cubic meters.

International benchmark Brent similarly declined as tensions eased between Russia and Ukraine.

Brent crude was trading at $94.37 per barrel at 0815 GMT on Wednesday for a 1.96% drop, having reached $96.26 a barrel in the previous session.

Kaynak:

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