Global Natural Gas Prices Continue to Fall Over the Past Eight Days

Yahoo Finance reports that global natural gas prices fell 4.26 percent today to US$1.62 per mmbtu. This price drop is significantly higher than the average price movement over the past week.

This week, global natural gas prices saw their highest surge on Monday, February 12, 2024, at 2.1 percent. However, trading since the beginning of the year has continuously declined, with year-to-date growth at -38.77 percent.

The current situation reflects the downward trend in global natural gas prices over the past eight days.

Over the past week, global natural gas prices have fallen by 19.51 percent, with an average daily transaction price of US$1.8 per mmbtu. Compared to the price at the beginning of the year, global natural gas prices have fallen by 38.77 percent. From its highest price this year of US$3.31 per mmbtu, global natural gas prices have fallen by 51.19 percent.

Annually, the average trading price of global natural gas over the past five years has been on a downward trend. Meanwhile, monthly price monitoring shows that transactions over the past 12 months have tended to increase. The highest average monthly price for global natural gas was recorded in October 2023 at US$3.16 per mmbtu.

Previously, news of a potential gas shortage deepened concerns about the risk of recession in countries dependent on the fuel for industry and power generation, including the UK and the European Union.