Global natural gas prices traded at US$2.5 per Mmbtu during daytime trading on Friday, December 29, 2023.

Yahoo Finance reports that global natural gas prices fell 2.35 percent today, reaching US$2.5 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, December 27, 2023, rising by 2.71 percent. However, prices are down 37.39 percent compared to the beginning of the year.

This situation continues the downward trend in global natural gas prices observed over the past two days.

Over the past week, global natural gas prices increased by 2.04 percent, with an average daily transaction price of US$2.56 per mmBtu. As a result, throughout 2023, global natural gas prices have decreased by -37.39 percent from their year-start level of US$3.99 per mmBtu. The highest trading value for global natural gas this year was US$4.17 per mmBtu, recorded on Wednesday, January 4, 2023.

Annually, the average trading price of global natural gas over the past five years has shown an upward trend. Meanwhile, monthly price monitoring over the past 12 months shows an upward trend. The highest average monthly price for global natural gas was recorded in January 2023 at US$3.43 per mmBtu.

The Dutch Title Transfer Facility (TTF) is a virtual trading point for natural gas in the Netherlands. This virtual facility allows numerous traders to engage in 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 led European countries to scramble for supplies, aiming to store as much gas as possible for the winter and seeking alternative sources.