Global Natural Gas Prices Rise Towards US$2.55 per Mmbtu (Monday, July 17, 2023)

Global natural gas prices rose in transactions on Monday, July 17, 2023. Today's global natural gas price trading was recorded at US$2.55 per mmbtu. This figure is higher than the previous day's trading, which stood at US$2.55 per mmbtu. The current situation is similar to the previous trend of rising global natural gas prices.

Over the past week, the movement of global natural gas prices slowed by 3.33 percent, with an average daily transaction price of US$2.63 per mmbtu. Compared to the price at the beginning of the year, the global natural gas price has slowed by 37.35 percent. The highest trading value for the global natural gas commodity this year was transacted at US$4.11 per mmbtu, which occurred on Thursday, January 5, 2023.

Annually, the average trading price of global natural gas over the past five years has been on an upward trend. Meanwhile, for monthly price monitoring, transactions in the last 12 months have tended to decline. The highest average monthly price for the global natural gas commodity was recorded in August 2022 at US$8.78 per mmbtu.

The Dutch Title Transfer Facility (TTF) is a virtual trading point for natural gas in the Netherlands. Virtually, this facility benefits a number of traders in conducting futures and physical gas trading.

Previously, Russia had cut 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.