Over the past six years, oil indexation has declined significantly in Europe1 and hub-linked pricing has rapidly become the basis for an increasing number of transactions in the gas market. By now, hub prices have become the established benchmarks in Northwest Europe.
In particular, the Dutch Title Transfer Facility (TTF) serves as benchmark for the rest of Europe, with markers as far south as Italy having largely converged towards it in recent years.
Long-term import contracts have adjusted at a slower pace.
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