Global Natural Gas Prices Traded at US$2.04 per Mmbtu This Afternoon (Thursday, July 18, 2024)

53968 notes that global natural gas prices rose 0.2 percent today, reaching US$2.04 per mmbtu. This price increase is relatively high compared to the average price movement over the past week.

This week, global natural gas prices saw their highest surge on Tuesday, July 16, 2024, at 1.39 percent. Year-to-date, prices have weakened, falling 22.79 percent from their beginning-of-year position.

The current situation is similar to the movement of global natural gas prices in the last 24 hours, which is currently in a downward trend.

Over the past week, global natural gas prices have grown by -13.01 percent, with an average daily transaction price of US$2.19 per mmbtu. As a result, throughout 2024, global natural gas prices have fallen 22.79 percent from their beginning-of-year level of US$2.64 per mmbtu. Compared to this year's highest price of US$3.31 per mmbtu, global natural gas prices have fallen 38.45 percent.

Annually, the average trading price of global natural gas over the past five years has been in a downward trend. Meanwhile, for monthly price monitoring, transactions in the last 12 months have tended to decrease. The highest average monthly price of global natural gas was recorded in October 2023 at US$3.14 per mmbtu.

Earlier news from early September 2022 reported that European gas prices soared after Russia shut down the Nord Stream 1 pipeline. Russia shut down the gas flow through the Nord Stream 1 pipeline due to the discovery of new damage. Gas prices soared as the market anticipated gas shortages ahead of winter.