Global Natural Gas Prices Fall to US$2.71 per Mmbtu (Sunday, December 3, 2023)

Yahoo Finance reports that global natural gas prices fell 3.55 percent today to US$2.71 per mmbtu. This price drop is significantly higher than the average price movement over the past week.

Global natural gas prices saw their highest surge this week on Wednesday, November 29, 2023, at 3.62 percent. They have weakened by 31.95 percent compared to their year-to-date position.

The current situation is similar to previous movements in global natural gas prices, which are currently in a downward trend.

Over the past week, global natural gas price movements slowed by 4.94 percent, with an average daily transaction price of US$2.77 per mmbtu. Compared to the beginning of the year, global natural gas prices have slowed by 31.95 percent. The highest trading value for this commodity this year was US$4.17 per mmbtu, which occurred on Wednesday, January 4, 2023.

Annually, the average trading price of global natural gas over the past five years has been on an upward trend. Meanwhile, for monthly price monitoring, transactions over the past 12 months have tended to increase. The highest average monthly price for global natural gas was recorded in January 2023 at US$3.43 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 discovering new damage. Gas prices skyrocketed as the market anticipated gas shortages ahead of winter.