Global Natural Gas Prices Rise to US$2.03 per Mmbtu (Monday, July 29, 2024)

Global natural gas prices rose 1.3 percent today to US$2.03 per mmbtu. This increase is significantly higher than the average price movement over the past week.

Today's price movement, at 1.3 percent, was the highest this week. However, prices are down 23.06 percent compared to the beginning of the year.

The current situation is similar to the movement of global natural gas prices in the last 24 hours, which is currently in a downward trend.

Over the past week, global natural gas prices have grown by -4.38 percent, with an average daily transaction price of US$2.11 per mmbtu. As a result, throughout 2024, global natural gas prices have fallen by 23.06 percent from their year-start level of US$2.64 per mmbtu. The highest trading value for global natural gas commodities this year was US$3.31 per mmbtu, which occurred on Friday, January 12, 2024.

Annually, the average trading price of global natural gas over the past five years has been in a downward trend. Meanwhile, for monthly price monitoring, transactions in the last 12 months have tended to decrease. The highest average monthly price for global natural gas commodities was recorded in October 2023 at US$3.14 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 reduced 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 the winter, and to seek alternative supplies.