Global Natural Gas Prices Traded at US$3.21 per Mmbtu (Tuesday, January 9, 2024)

Global natural gas prices rose in transactions on Tuesday, January 9, 2024, reaching US$3.21 per mmbtu. This is higher than the previous day's trading price of US$2.98 per mmbtu. This continues the upward trend in global natural gas prices over the past two days.

Over the past week, global natural gas prices have increased by 21.62 percent, with an average daily transaction price of US$2.86 per mmbtu. As a result, in 2024, global natural gas prices have risen 21.62 percent from the beginning-of-year level of US$2.64 per mmbtu. This trading price is the highest reached this year.

Annually, the average global natural gas trading price over the past five years has shown an upward trend. Meanwhile, monthly price monitoring shows an upward trend in transactions over the past 12 months. The highest average monthly price for global natural gas was recorded in October 2023 at US$3.16 per mmbtu.

Earlier news from early September 2022 reported that European gas prices soared after Russia shut down the Nord Stream 1 pipeline. Russia shut down the gas flow through the Nord Stream 1 pipeline due to newly discovered damage. Gas prices skyrocketed as the market anticipated gas shortages ahead of winter.