Global Natural Gas Price Traded at US$2.54 per Mmbtu This Afternoon (Tuesday, March 7, 2023)

Global natural gas prices fell on Tuesday, March 7, 2023, trading at US$2.54 per mmbtu. This is lower than the previous day's trade of US$2.7 per mmbtu. This current condition completes the upward trend of global natural gas prices over the past two days.

Over the past week, global natural gas prices have grown by 9.7 percent, with an average daily transaction price of US$2.7 per mmbtu. According to Katadata Insight Center (KIC) calculations, year-to-date (YTD), global natural gas prices have fallen by 37.52 percent. The highest trading value for global natural gas commodities this year was recorded at US$4.11 per mmbtu on Thursday, January 5, 2023.

Annually, the average trade price of global natural gas over the past five years has shown an upward trend. Meanwhile, monthly price monitoring over the past 12 months shows a downward trend. The highest average monthly price for global natural gas commodities was recorded in August 2022 at US$8.78 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 surged as the market anticipated gas shortages ahead of winter.