Business Technology, Finance Technology & Information Technology
As tensions between Russia and Ukraine ease, European gas prices fall.
ANKARA, Turkey — On Wednesday, natural gas prices in Europe began to fall as Russia announced a partial troop pullout from the Ukrainian border.
On Tuesday, natural gas prices for March futures contracts traded on the TTF, a virtual natural gas trading point located in the Netherlands, reached a high of €83.60 (€1 equals 15.51 Turkish liras).
Natural gas was trading at €68.50 on Wednesday, down 15% from the previous session’s closing price of €80.77.
Russia supplies nearly 40% of Europe’s natural gas consumption, amounting to 175 billion cubic meters.
As tensions between Russia and Ukraine lessened, the international benchmark Brent fell as well.
Brent crude was trading at $94.37 a barrel at 0815 GMT on Wednesday, down 1.96 percent from the previous session’s high of $96.26.
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