Global Natural Gas Prices Fall to US$2.78 per Mmbtu (Friday, December 1, 2023)

Yahoo Finance reports that the global natural gas price today fell 0.89 percent to US$2.78 per mmbtu. This price drop is considerably higher than the average price movement over the last week.

Global natural gas prices saw their highest surge this week on Wednesday, November 29, 2023, reaching 3.62 percent. However, it has weakened by 30.37 percent compared to its year-to-date position.

The current situation confirms the downward trend in global natural gas prices over the past two days.

Over the past week, global natural gas prices have fallen 5.35 percent, with an average daily transaction price of US$2.79 per mmbtu. Compared to its position 30 days ago, the global natural gas price has fallen 12.23 percent. From its highest price this year of US$4.17 per mmbtu, the global natural gas price has fallen 33.44 percent.

Annually, the average trading price of global natural gas over the past five years has been on an upward trend. Meanwhile, monthly price monitoring shows that transactions over the past 12 months have tended to increase. The highest average monthly price for global natural gas 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.