Baku: Gas prices in Europe experienced a decline in the third quarter of this year, contrasting with a sharp increase in the United States. The average price of natural gas in Europe was recorded at 11.29 US dollars per 1 million BTU (British thermal unit), marking a 1.83% decrease compared to the same period last year, when it stood at $11.5.
According to Azeri-Press News Agency, the World Bank’s monthly report on commodity prices indicated that the average price of natural gas in Europe fell by 4.9% in July-September compared to the second quarter of the year, which had an average price of $11.87. In September, the average price in Europe was $11.12, a slight decrease of 0.27% from August’s price of $11.15.
In contrast, the United States saw a significant increase in gas prices. The average price of natural gas from January to April was $3.03 per BTU, which is 43.6% higher than the third quarter of last year, when it was $2.11. However, there was a 4.7% decrease in the average price in July-September compared to the second quarter, where the price was $3.18. In September, the average price in the U.S. was $2.97, up by 2.06% from August’s $2.91.
Projections for 2024 indicate that the average price of gas in Europe and the United States is expected to be $10.96 and $2.19, respectively, reflecting decreases of 16.4% and 13.8%. The transportation of Azerbaijani gas to Europe through the Trans-Adriatic Pipeline (TAP) began on December 31, 2020.