Global Natural Gas Prices Traded at US$1.98 per Mmbtu This Afternoon (Wednesday, February 7, 2024)

Global natural gas prices fell on Wednesday, February 7, 2024. Trading today recorded US$1.98 per mmbtu, lower than the previous day's US$2.01 per mmbtu. This continues the downward trend of the last two days.

Over the past week, global natural gas prices have slowed by 4.91 percent, with an average daily transaction price of US$2.05 per mmbtu. As a result, in 2024, global natural gas prices have fallen by -25.22 percent from their year-start level of US$2.64 per mmbtu. Compared to this year's highest price of US$3.31 per mmbtu, prices have dropped by 40.39 percent.

Annually, the average global natural gas price trade over the past five years has shown a downward trend. However, monthly price monitoring shows an upward trend in the last 12 months. The highest average monthly price for global natural gas was recorded in October 2023 at US$3.16 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.