Global Natural Gas Prices Fall to US$2.41 per Mmbtu (Thursday, May 16, 2024)

Global natural gas prices fell on Thursday, May 16, 2024. Trading today recorded US$2.41 per mmbtu, lower than the previous day's US$2.42 per mmbtu. This is similar to the previous upward trend in global natural gas prices.

Over the past week, global natural gas prices grew by 9.06 percent, with an average daily transaction price of US$2.33 per mmbtu. As a result, throughout 2024, global natural gas prices have decreased by -8.86 percent from the beginning-of-year level of US$2.64 per mmbtu. The highest trading value for global natural gas commodities this year was US$3.31 per mmbtu, recorded on Friday, January 12, 2024.

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 a decline in transactions over the past 12 months. The highest average monthly price for global natural gas commodities was recorded in October 2023 at US$3.14 per mmbtu.

Russia has used its control over gas supplies to pressure European countries in retaliation for sanctions imposed following its invasion of Ukraine. The Russian state-owned gas company, Gazprom, shut down the Nord Stream 1 pipeline.