Global Natural Gas Prices Fall for the Past Four Days

August 5, 2024 recorded a 2.54 percent drop in global natural gas prices to US$1.92 per mmbtu. This decline is significantly higher than the average price movement over the past week.

Today's price movement represents the highest weekly decline at 2.54 percent, showing a weakening of 27.41 percent compared to the beginning of the year.

This situation continues the downward trend in global natural gas prices observed over the past four days.

Over the past week, global natural gas prices have fallen by -6.08 percent, with an average daily transaction price of US$1.99 per mmbtu. Compared to the price 30 days ago, global natural gas prices have fallen by -31.8 percent. From its yearly high of US$3.31 per mmbtu, the price has dropped by 42.14 percent.

Annually, the average trading price of global natural gas over the past five years shows a downward trend. Monthly price monitoring over the past 12 months also indicates a downward trend. The highest average monthly price for global natural gas was recorded in October 2023 at US$3.14 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.