Global Natural Gas Prices Rise to US$1.96 per Mmbtu (Tuesday, August 6, 2024)

Yahoo Finance reports that global natural gas prices rose 0.98 percent today, reaching US$1.96 per mmbtu. This increase is significantly higher than the average price movement over the past week.

Today's price movement represents the highest weekly increase at 0.98 percent. However, prices are down 25.75 percent compared to the beginning of the year.

The current situation mirrors the trend of the last 24 hours, which shows a decline in global natural gas prices.

Over the past week, global natural gas prices have grown by -2.24 percent, with an average daily transaction price of US$1.99 per mmbtu. Compared to the price 30 days ago, global natural gas prices have grown by -28.85 percent. From its yearly high of US$3.31 per mmbtu, the price has fallen by 40.81 percent.

Annually, the average trading price of global natural gas over the past five years shows a downward trend. Monthly price monitoring over the past 12 months also indicates a downward trend. The highest average monthly price for global natural gas 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.