Global Natural Gas Prices Fall for Six Consecutive Days

Global natural gas prices fell 2.11 percent today to US$2.32 per mmbtu. This drop is significantly higher than the average price movement over the past week.

Global natural gas prices saw their highest surge this week on Wednesday, July 3, 2024, falling 0.7 percent. They have weakened by 12.19 percent compared to their year-to-date position.

This situation completes the trend of shrinking global natural gas prices over the past six days.

Over the past week, global natural gas prices have grown by -11.76 percent, with an average daily transaction price of US$2.47 per mmbtu. As a result, throughout 2024, global natural gas prices have shrunk by -12.19 percent from their year-start position 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 by 30 percent.

Annually, the average trade price of global natural gas over the past five years has been trending downward. Meanwhile, for monthly price monitoring, transactions over the past 12 months have tended to decline. The highest average monthly price for 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 discovering new damage. Gas prices soared as the market anticipated gas shortages ahead of winter.