Global Natural Gas Price Trades at US$3.43 per Mmbtu This Afternoon (Wednesday, October 11, 2023)

Global natural gas prices rose on Wednesday, October 11, 2023, trading at US$3.43 per mmbtu. This is higher than the previous day's trading price of US$3.38 per mmbtu. This current condition mirrors the upward trend observed over the past seven days.

Over the past week, global natural gas prices have increased by 20.74 percent, with an average daily trading price of US$3.23 per mmbtu. Compared to the price 30 days ago, global natural gas prices have grown by 22.64 percent. The highest trading price for this commodity this year was US$4.17 per mmbtu, recorded on Wednesday, January 4, 2023.

The average annual global natural gas trading price has shown an upward trend over the past five years. However, monthly trading prices over the past 12 months have generally decreased. The highest average monthly price was recorded in November 2022 at US$6.46 per mmbtu.

Russia has leveraged its control over gas supplies to pressure European countries in retaliation for sanctions imposed following its invasion of Ukraine. The Russian state-owned gas company, Gazprom, shut down the Nord Stream 1 pipeline.