Global Natural Gas Prices Fall to US$3.37 per Mmbtu (Thursday, October 12, 2023)

Global natural gas prices fell on Thursday, October 12, 2023, trading at US$3.37 per mmbtu. This is lower than the previous day's price of US$3.38 per mmbtu. This current condition concludes two days of upward price movement.

Over the past week, global natural gas prices have risen by 14.34 percent, with an average daily transaction price of US$3.28 per mmbtu. According to Katadata Insight Center (KIC) calculations, year-to-date (YTD), global natural gas prices have fallen by 15.45 percent. The highest price this year was US$4.17 per mmbtu, recorded on Wednesday, January 4, 2023.

Annually, the average global natural gas price has been on an upward trend over the past five years. However, monthly price monitoring shows a downward trend over the past 12 months. The highest average monthly price was recorded in November 2022 at US$6.46 per mmbtu.

The Title Transfer Facility (TTF) in the Netherlands is a virtual trading point for natural gas. This virtual facility allows traders to engage in futures and physical gas trading.

Previously, Russia had reduced gas flows through the Nord Stream 1 pipeline to Germany to only 20% of total capacity. This led European countries to scramble for supplies, aiming to store as much gas as possible for the winter and seeking alternative supplies.