Global Natural Gas Prices Fall to US$2.15 per Mmbtu (Wednesday, July 24, 2024)

July 24, 2024, recorded a 1.87% drop in global natural gas prices to US$2.15 per mmbtu. This decline is significantly higher than the average price movement over the past week.

Global natural gas prices saw their highest surge this week on Monday, July 22, 2024, at 5.78%, but have weakened, falling 18.74% compared to the beginning of the year.

Current conditions reflect the downward trend in global natural gas prices over the past two days.

Over the past week, global natural gas prices grew by -0.56%, with an average daily transaction price of US$2.15 per mmbtu. As a result, throughout 2024, global natural gas prices have shrunk by -18.74% from their year-start position of US$2.64 per mmbtu. The highest trading value for global natural gas commodities 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 been on a downward trend. Meanwhile, monthly price monitoring shows a decline in transactions over the past 12 months. The highest average monthly price for global natural gas commodities 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.