Global Natural Gas Prices Rise to US$2.31 per Mmbtu (Friday, July 12, 2024)

Global natural gas prices rose 1.98 percent today to US$2.31 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, July 8, 2024, at 2.03 percent. However, prices are down 12.42 percent compared to their year-to-date position.

The current situation is similar to the recent downward trend in global natural gas prices.

Over the past week, global natural gas prices have grown by -4.34 percent, with an average daily transaction price of US$2.33 per mmbtu. Compared to the price 30 days ago, global natural gas prices have grown by -10.07 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 contraction 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.

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.