Global Natural Gas Prices Fall to US$2.96 per Mmbtu (Friday, November 17, 2023)

Global natural gas prices fell on Friday, November 17, 2023. Trading today recorded US$2.96 per mmbtu, lower than the previous day's US$3.06 per mmbtu. This continues the upward trend of the last two days.

Over the past week, global natural gas prices have slowed by 2.6 percent, with an average daily transaction price of US$3.09 per mmbtu. Compared to 30 days ago, prices have fallen by 8.47 percent. From its yearly high of US$4.17 per mmbtu, the price has dropped 29 percent.

Annually, the average global natural gas price over the past five years has shown an upward trend. However, monthly transactions over the past 12 months have decreased. The highest average monthly price was recorded in December 2022 at US$5.77 per mmbtu.

The Dutch Title Transfer Facility (TTF) is a virtual trading point for natural gas in the Netherlands. This virtual facility facilitates futures and physical gas trading for numerous traders.

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 maximize gas storage for the winter and seek alternative sources.