Global Natural Gas Prices Fall for the Past Five Days

Global natural gas prices fell 7.28 percent today to US$1.86 per mmbtu. This drop is significantly higher than the average price movement over the past week.

This week, global natural gas prices saw their highest surge on Monday, July 29, 2024, before falling 7.28 percent. Compared to the beginning of the year, prices have weakened by 29.57 percent.

The current situation mirrors the trend of the past five days, which has shown a downward trend in global natural gas prices.

Over the past week, global natural gas prices have fallen by -12.47 percent, with an average daily transaction price of US$2.08 per mmbtu. As a result, in 2024, global natural gas prices have fallen 29.57 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, global natural gas prices have fallen 43.86 percent.

Annually, the average trade price of global natural gas over the past five years has been on a downward trend. Meanwhile, monthly price monitoring shows a downward trend in transactions over the past 12 months. The highest average monthly price for global natural gas was recorded in October 2023 at US$3.14 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 soared as the market anticipated gas shortages ahead of winter.