Global Natural Gas Prices Fall to US$2.55 per Mmbtu (Friday, December 8, 2023)

Global natural gas prices fell on Friday, December 8, 2023, trading at US$2.55 per mmbtu. This is lower than the previous day's trading price of US$2.58 per mmbtu. This current condition is similar to the previous trend of declining global natural gas prices.

Over the past week, the movement of global natural gas prices slowed by 8.92 percent, with an average daily transaction price of US$2.66 per mmbtu. According to Katadata Insight Center (KIC) calculations, year-to-date (YTD), global natural gas prices have fallen by 36.01 percent. The highest trading value for global natural gas commodities this year was recorded at US$4.17 per mmbtu 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 in the last 12 months have tended to increase. The highest average monthly price for global natural gas commodities 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 the discovery of new damage. Gas prices soared as the market anticipated gas shortages ahead of winter.