Global Natural Gas Price Traded at US$2.81 per Mmbtu This Afternoon (Friday, December 1, 2023)

Global natural gas prices rose on Friday, December 1, 2023, trading at US$2.81 per mmbtu. This is higher than the previous day's price of US$2.80 per mmbtu. This current situation is similar to the previous trend of declining global natural gas prices.

Over the past week, global natural gas prices have slowed by 4.09 percent, with an average daily transaction price of US$2.79 per mmbtu. According to Katadata Insight Center (KIC) calculations, year-to-date (YTD), global natural gas prices have decreased by -29.44 percent. 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 global natural gas price has been on an upward trend over the past five years. Meanwhile, monthly price monitoring shows an upward trend in transactions over the past 12 months. The highest average monthly price for global natural gas was recorded in January 2023 at US$3.43 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 newly discovered damage. Gas prices surged as the market anticipated gas shortages ahead of winter.