Global Natural Gas Prices Fall to US$2.75 per Mmbtu (Tuesday, June 4, 2024)

Yahoo Finance reports that the global natural gas price today fell 0.36 percent to US$2.75 per mmbtu. This price drop is relatively significant compared to the average price movement over the past week.

The global natural gas price saw its highest surge this week on Monday, June 3, 2024, reaching 6.53 percent. Year-to-date (YTD), trading has strengthened by 3.98 percent.

The current situation is similar to previous movements in global natural gas prices, which have been on an upward trend.

Over the past week, global natural gas prices grew by 3.35 percent, with an average daily transaction price of US$2.61 per mmbtu. According to Katadata Insight Center (KIC) calculations, year-to-date (YTD), global natural gas prices have risen by 3.98 percent. From its highest price this year of US$3.31 per mmbtu, the global natural gas price has fallen by 17.11 percent.

Annually, the average trading price of global natural gas over the past five years has been on a downward trend. Meanwhile, monthly price monitoring shows that transactions in the last 12 months have tended to decrease. The highest average monthly price for global natural gas was recorded in October 2023 at US$3.14 per mmbtu.

The Dutch Title Transfer Facility (TTF) is a virtual trading point for natural gas in the Netherlands. Virtually, this facility benefits several traders in conducting futures and physical gas trading.

Previously, Russia had reduced gas flows through the Nord Stream 1 pipeline to Germany to only 20% of total capacity. This has led European countries to scramble for supplies to store as much gas as possible to cope with winter and to seek alternative supplies.