Global Natural Gas Prices Rise Toward US$2.27 per Mmbtu (Friday, July 12, 2024)

As of today, July 12, 2024, global natural gas prices have increased by 0.04 percent, reaching US$2.27 per mmbtu. This increase is relatively high compared to the average price movement over the past week.

Global natural gas prices saw their highest surge this week on Monday, July 8, 2024, at 2.03 percent. However, prices are down 14.09 percent compared to the beginning of the year.

Current conditions are similar to the recent trend of shrinking daily global natural gas prices.

Over the past week, global natural gas prices have grown by -6.16 percent, with an average daily transaction price of US$2.32 per mmbtu. According to Katadata Insight Center (KIC) calculations, year-to-date (YTD), global natural gas prices have fallen by 14.09 percent. The highest trading value for this commodity 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 declining. Monthly price monitoring over the past 12 months shows a downward trend. The highest average monthly price 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.