Global Natural Gas Prices Traded at US$2.64 per Mmbtu This Afternoon (Thursday, July 13, 2023)

Global natural gas prices fell on Thursday, July 13, 2023, trading at US$2.64 per mmbtu. This is lower than the previous day's price of US$2.71 per mmbtu. This current situation contrasts with the previous upward trend in global natural gas prices.

Over the past week, the movement of global natural gas prices slowed by 1.82 percent, with an average daily transaction price of US$2.67 per mmbtu. As a result, throughout 2023, global natural gas prices have fallen 35.09 percent from their year-start level of US$4.07 per mmbtu. Compared to its highest price this year of US$4.11 per mmbtu, global natural gas prices have fallen 35.68 percent.

Annually, the average trading price of global natural gas over the past five years has shown an upward trend. Meanwhile, monthly price monitoring shows a downward trend in transactions over the past 12 months. The highest average monthly price for global natural gas 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 skyrocketed as the market anticipated gas shortages ahead of winter.