Global Natural Gas Prices Rise Towards US$2.2 per Mmbtu (Friday, August 16, 2024)

Global natural gas prices rose in transactions on Friday, August 16, 2024. Today's global natural gas price trading was recorded at US$2.2 per mmbtu. This figure is higher than the previous day's trading, which stood at US$2.2 per mmbtu. The current situation is similar to the movement of global natural gas prices in the last 24 hours, which is in an upward trend.

Over the past week, global natural gas prices have grown by 4.31 percent, with an average daily transaction price of US$2.18 per mmbtu. According to Katadata Insight Center (KIC) calculations, year-to-date (YTD), global natural gas prices have decreased by -16.58 percent. The highest trading value for global natural gas commodities this year was recorded at US$3.31 per mmbtu 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 decline. 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 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.