Global natural gas prices traded at US$2.52 per Mmbtu today (Thursday, December 28, 2023).

Yahoo Finance reports that global natural gas prices today fell 3.63 percent to US$2.52 per mmbtu. This price drop is considerably higher than the average price movement over the past week.

Global natural gas prices reached their highest point this week on Wednesday, December 27, 2023, rising by 2.71 percent. However, they are down 36.71 percent compared to their year-to-date opening price.

The current situation mirrors previous trends showing a shrinking global natural gas price.

Over the past week, global natural gas prices grew by 1.28 percent, with an average daily transaction price of US$2.55 per mmbtu. According to Katadata Insight Center (KIC) calculations, year-to-date (YTD), global natural gas prices have fallen by 36.71 percent. From their highest price this year of US$4.17 per mmbtu, global natural gas prices have fallen by 39.5 percent.

Annually, the average trading price of global natural gas over the past five years shows an upward trend. Meanwhile, monthly price monitoring shows an upward trend in transactions over the past 12 months. The highest average monthly price for global natural gas was recorded in January 2023 at US$3.43 per mmbtu.

Russia has used its control over gas supplies to pressure European countries in retaliation for sanctions imposed following its invasion of Ukraine. The Russian state-owned gas company, Gazprom, shut down the Nord Stream 1 pipeline.