Global Natural Gas Prices Rise to US$2.17 per Mmbtu (Wednesday, August 14, 2024)

Yahoo Finance reports that global natural gas prices rose 1.07 percent today, reaching US$2.17 per mmbtu. This increase is relatively high compared to the average price movement over the past week.

This week, global natural gas prices saw their highest surge on Monday, August 12, 2024, at 2.15 percent. However, prices are down 17.8 percent compared to their year-to-date position.

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 increased by 11.79 percent, with an average daily transaction price of US$2.13 per mmbtu. Compared to the price 30 days ago, global natural gas prices have grown by -10.22 percent. From its highest price this year at US$3.31 per mmbtu, the global natural gas price has fallen by 34.47 percent.

Year-on-year, 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 decline. The highest average monthly price for global natural gas 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.