Global Natural Gas Price Trades at US$2.06 per Mmbtu This Evening (Thursday, August 1, 2024)

As of today, August 1st, global natural gas prices rose 1.03 percent to US$2.06 per mmbtu. This increase is considerably higher than the average price movement over the past week.

This week, global natural gas prices saw their highest surge on Tuesday, July 30, 2024, at 11.48 percent. However, prices are down 22.11 percent compared to their year-to-date position.

The current situation mirrors the downward trend observed in global natural gas prices over the past 24 hours.

Over the past week, global natural gas prices have grown by -5.94 percent, with an average daily transaction price of US$2.04 per mmbtu. Compared to 30 days ago, global natural gas prices have increased by -24.95 percent. From its yearly high of US$3.31 per mmbtu, the price has fallen by 37.91 percent.

Annually, the average trading price of global natural gas over the past five years shows a downward trend. Monthly price monitoring over the past 12 months also indicates a downward trend. The highest average monthly price for global natural gas was recorded in October 2023 at US$3.14 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.