Global Natural Gas Prices Traded at US$2.15 per Mmbtu This Afternoon (Friday, August 9, 2024)

Yahoo Finance reports that global natural gas prices rose 1.22 percent today, reaching US$2.15 per mmbtu. This increase is considerably higher than the average price movement over the past week.

Global natural gas prices saw their highest jump this week on Wednesday, August 7, 2024, at 5.07 percent. However, prices are down 18.48 percent compared to their year-to-date position.

The current situation reflects the downward trend in global natural gas prices over the past four days.

Over the past week, global natural gas prices grew by 5.75 percent, with an average daily transaction price of US$2.04 per mmbtu. According to the Katadata Insight Center (KIC), year-to-date (YTD), global natural gas prices have decreased by -18.48 percent. Compared to this year's highest price of US$3.31 per mmbtu, global natural gas prices have fallen by 35.01 percent.

Annually, the average trading price of global natural gas over the past five years has been declining. 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 Dutch Title Transfer Facility (TTF) is a virtual trading point for natural gas in the Netherlands. Virtually, this facility benefits numerous 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 has led European countries to scramble for supplies to store as much gas as possible to cope with winter and to seek alternative supplies.