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, AA (Anadolu Agency) reports.
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.
