Global Natural Gas Prices Fall to US$2.23 per Mmbtu (Tuesday, August 20, 2024)

Global natural gas prices for Tuesday, August 20, 2024, decreased. Today's trading saw natural gas prices at US$2.23 per mmbtu. This is lower than the previous day's trading price of US$2.23 per mmbtu. This current situation is similar to the upward trend observed in global natural gas prices over the last day.

Over the past week, global natural gas prices have grown by 4.06 percent, with an average daily transaction price of US$2.19 per mmbtu. According to Katadata Insight Center (KIC) calculations, year-to-date (YTD), global natural gas prices have decreased by -15.56 percent. Compared to this year's highest price of US$3.31 per mmbtu, global natural gas prices have fallen by 32.69 percent.

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

The Title Transfer Facility (TTF) in the Netherlands is a virtual trading point for natural gas in the Netherlands. Virtually, this facility benefits several traders in conducting 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 led European countries to scramble for supplies to store as much gas as possible to prepare for winter and to seek alternative supplies.