Global Natural Gas Prices Fall to US$2.1 per Mmbtu (Thursday, August 8, 2024)

Global natural gas prices fell in transactions on Thursday, August 8, 2024, reaching US$2.1 per mmbtu. This is lower than the previous day's trading price of US$2.11 per mmbtu. This current situation reflects the downward trend in global natural gas prices over the past day.

Over the past week, global natural gas prices have grown by -1.41 percent, with an average daily transaction price of US$2.02 per mmbtu. Compared to the beginning of the year, global natural gas prices have grown by -20.64 percent. From its highest price this year of US$3.31 per mmbtu, the global natural gas price has fallen by 36.73 percent.

Annually, the average trading price of global natural gas over the past five years has been in 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.

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.