Global natural gas prices traded at US$2.51 per Mmbtu today (Friday, December 29, 2023)

Global natural gas prices fell on Friday, December 29, 2023, trading at US$2.51 per mmbtu. This is lower than the previous day's trading price of US$2.56 per mmbtu, continuing a two-day downward trend.

Over the past week, global natural gas prices rose 2.74 percent, with an average daily trading price of US$2.56 per mmbtu. According to Katadata Insight Center (KIC) calculations, year-to-date (YTD), global natural gas prices have fallen 36.96 percent. Compared to this year's high of US$4.17 per mmbtu, prices have dropped 39.74 percent.

Annually, the average global natural gas trading price has shown an upward trend over the past five years. However, monthly price monitoring over the past 12 months shows an upward trend. The highest average monthly price for global natural gas was recorded in January 2023 at US$3.43 per mmbtu.

Russia has used 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.