Global Natural Gas Prices Traded at US$2.22 per Mmbtu This Afternoon (Monday, August 12, 2024)

Global natural gas prices rose in transactions on Monday, August 12, 2024, reaching US$2.22 per mmbtu. This is higher than the previous day's trading price of US$2.14 per mmbtu. This current situation contrasts with the downward trend observed in global natural gas prices over the past five days.

Over the past week, global natural gas prices have increased by 12.75 percent, with an average daily transaction price of US$2.07 per mmbtu. Compared to the price 30 days ago, global natural gas prices have fallen by 10.45 percent. Furthermore, from its yearly high of US$3.31 per mmbtu, the price has dropped by 33.02 percent.

Year-on-year, the average trading price of global natural gas over the past five years has shown a downward trend. Meanwhile, monthly price monitoring shows a declining 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.

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.