Global Natural Gas Prices Fall to US$2.12 per Mmbtu (Friday, August 16, 2024)

Global natural gas prices fell on Friday, August 16, 2024. Trading today recorded US$2.12 per mmbtu, lower than the previous day's US$2.2 per mmbtu. This continues the upward trend seen over the past two days.

Over the past week, global natural gas prices grew by 0.52 percent, with an average daily transaction price of US$2.16 per mmbtu. Compared to 30 days ago, prices have fallen by -8.45 percent. From this year's high of US$3.31 per mmbtu, prices have dropped 35.92 percent.

Annually, the average global natural gas price over the past five years has shown a downward trend. Monthly, transactions over the past 12 months have also generally decreased. The highest average monthly price 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. This virtual facility allows traders to engage in 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, aiming to store as much gas as possible for the winter and seeking alternative sources.