Natural Gas Prices Fall in the Last Three Days

Global natural gas prices fell on Wednesday, September 7, 2022, trading at US$7.84 per mmbtu. This is lower than the previous day's trade of US$8.14 per mmbtu. This current condition is similar to the upward trend observed in global natural gas prices over the past three days.

Over the past week, the movement of global natural gas prices slowed by 15.64 percent, with an average daily transaction price of US$8.79 per mmbtu. According to Katadata Insight Center (KIC) calculations, year-to-date (YTD), global natural gas prices have surged by 105.56 percent. The highest trading value for this commodity this year was US$9.68 per mmbtu, recorded on Monday, August 22, 2022.

The Dutch Title Transfer Facility (TTF) 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 has led European countries to scramble for supplies to store as much gas as possible to prepare for winter and to seek alternative supplies.