The price of natural gas per megawatt-hour in Europe decreased by 20% to €113.57 on trade closing on Oct. 21, the latest market data showed.
The November gas contract price on the TTF, the Netherlands-based virtual natural gas trading venue, closed Friday, Oct. 14, at €141.99 per megawatt-hour.
The decline in Europe's industrial and household natural gas demand contributed to the price drop.
Furthermore, measures taken by European countries to reduce natural gas consumption and increase the natural gas storage occupancy rate, which was 93.43% as of Oct. 22, aided the price fall.
Further supporting prices, leaders of European Union (EU) countries failed to reach an agreement on Friday on applying a price cap on natural gas.
The prospect of increased liquefied gas deliveries to Europe also eased concerns over insufficient gas supplies during the winter months.
As of 2.14 p.m. CET (11.14 GMT), the price of natural gas per megawatt hour was €97.59 per megawatt hour.
By Zeynep Beyza Kilic
Anadolu Agency
energy@aa.com.tr