Global Natural Gas Prices Traded at US$2.87 per Mmbtu This Afternoon (Sunday, January 7, 2024)

Global natural gas prices for transactions on Sunday, January 7, 2024, decreased. Today's global natural gas price trading was recorded at US$2.87 per mmbtu. This figure is lower than the previous day's trading, which stood at US$2.89 per mmbtu. The current situation is similar to the previous trend of rising global natural gas prices.

Over the past week, global natural gas prices grew by 12.28 percent, with an average daily transaction price of US$2.71 per mmbtu. According to Katadata Insight Center (KIC) calculations, year-to-date (YTD), global natural gas prices have increased by 8.71 percent. Even from its highest price this year at US$2.89 per mmbtu, the global natural gas price has fallen by 0.76 percent.

Annually, the average trading price of global natural gas has been on an upward trend over the past five years. Meanwhile, for monthly price monitoring, transactions in the last 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.

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.