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EU gas prices drops for second time in a week after sudden peak: Reports

WorldEuropeEU gas prices drops for second time in a week after sudden peak: Reports

The European gas prices in the nation have decreased once again for the second time, after being rapidly increasing for various months also because of Russia’s full-scale military operations against Ukraine. But on Monday, the price has dropped for the second time in a week after the sudden increase at €190 per megawatt-hour.

The price has been reduced by 10 per cent to €111 per megawatt-hour on the Dutch TTF gas futures market. The progress in the negotiations between Ukrainian and Russian delegations has allayed the fears of some commodities traders.

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Along with this, on March 13, the Ukrainian negotiator named Mykhailo Podolyak mentioned in the statement that Russia was “already beginning to talk constructively,” as well as the Russian delegate Leonid Slutsky had a word related to progress and a potential agreement.

It has been hoped that the negotiations will bring about a ceasefire, allowing civilians to evacuate heavily damaged cities as well as run to safety towards the west.

On the other hand, the European energy market has been increasing by the conflict in Ukraine. The European Union still imports around 40 per cent of its natural gas from Russia, despite attempting to diversify the supply.

The energy monopoly Gazprom in Russia still supplies Europe with gas through pipelines such as through the territory of Ukraine.

Furthermore, as per the representative of Gazprom, Russia will transport approximately 109,5 million cubic metres of natural gas to Europe on Monday.

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