Global Natural Gas Prices Rise Towards US$2.23 per Mmbtu (Thursday, August 15, 2024)

Yahoo Finance reports that global natural gas prices rose 0.41 percent today, reaching US$2.23 per mmbtu. This increase is considered relatively high compared to the average price movement over the past week.

Global natural gas prices saw their highest jump this week on Wednesday, August 14, 2024, at 3.31 percent. However, prices are down 15.64 percent compared to their year-to-date position.

The current situation continues the upward trend in global natural gas prices observed over the past two days.

Over the past week, global natural gas prices have increased by 10.85 percent, with an average daily transaction price of US$2.17 per mmbtu. Compared to the price 30 days ago, global natural gas prices have grown by -5.95 percent. The highest trading value for global natural gas this year was US$3.31 per mmbtu, recorded on Friday, January 12, 2024.

Year-on-year, the average trading price of global natural gas over the past five years has been declining. Meanwhile, monthly price monitoring shows a downward trend in transactions over the past 12 months. The highest average monthly price for global natural gas 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. Russia shut down the gas flow through the Nord Stream 1 pipeline due to newly discovered damage. Gas prices skyrocketed as the market anticipated gas shortages ahead of winter.