Global Natural Gas Prices Fall to US$1.97 per Mmbtu (Friday, August 2, 2024)

Global natural gas prices fell on Friday, August 2, 2024. Trading today recorded US$1.97 per mmbtu, lower than the previous day's US$1.97 per mmbtu. This is consistent with the downward trend observed over the past three days.

Over the past week, global natural gas prices have decreased by 7.09%, with an average daily transaction price of US$2.01 per mmbtu. As a result, in 2024, global natural gas prices have fallen by -25.52% from their year-start level of US$2.64 per mmbtu. 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 has shown a downward trend over the past five years. Monthly, transactions over the past 12 months have also generally decreased. The highest average monthly price was recorded in October 2023 at US$3.14 per mmbtu.

Earlier news from early September 2022 reported that European gas prices soared after Russia shut down the Nord Stream 1 pipeline due to newly discovered damage. The price surge was attributed to market anticipation of gas shortages ahead of winter.