Global Natural Gas Prices Fall for the Past Three Days

As of today, global natural gas prices have fallen 0.2 percent to US$1.96 per mmbtu. This decrease is considerably higher than the average price movement over the past week.

Global natural gas prices saw their highest surge this week on Tuesday, July 30, 2024, at 11.48 percent. However, they have weakened, falling 25.63 percent compared to their year-to-date position.

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

Over the past week, global natural gas prices have grown by -7.23 percent, with an average daily transaction price of US$2.01 per mmbtu. According to Katadata Insight Center (KIC) calculations, year-to-date (YTD), global natural gas prices have decreased by -25.63 percent. The highest trading value for this commodity this year was US$3.31 per mmbtu, recorded on Friday, January 12, 2024.

Annually, the average trading price of global natural gas over the past five years has shown a downward trend. Meanwhile, monthly price monitoring over the past 12 months shows a declining 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.