Global Natural Gas Prices Fall for Three Consecutive Days

Yahoo Finance reports that global natural gas prices today fell 0.85 percent to US$1.76 per mmbtu. This price drop is considerably higher than the average price movement over the past week.

Global natural gas prices saw their highest surge this week on Monday, April 1, 2024, reaching 4.2 percent. However, trading since the beginning of the year has continuously declined, with year-to-date growth at 33.4 percent.

Current conditions are similar to the upward trend in global natural gas prices over the past three days.

Over the past week, global natural gas prices grew by 11.68 percent, with an average daily transaction price of US$1.79 per mmbtu. Compared to the price 30 days ago, global natural gas prices have grown by 9.73 percent. From its highest price this year at US$3.31 per mmbtu, the global natural gas price has fallen by 46.91 percent.

Annually, the average trading price of global natural gas over the past five years has been on a downward trend. Meanwhile, monthly price monitoring shows that transactions in the last 12 months have tended to decrease. The highest average monthly price for global natural gas was recorded in October 2023 at US$3.14 per mmbtu.

The Dutch Title Transfer Facility (TTF) is a virtual trading point for natural gas in the Netherlands. Virtually, this facility benefits numerous 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 cope with winter and to seek alternative supplies.