Global Natural Gas Prices Rise for the Past Three Days

Global natural gas prices rose in transactions on Friday, May 17, 2024, reaching US$2.63 per mmbtu. This is higher than the previous day's trading price of US$2.5 per mmbtu. This current condition mirrors the upward trend observed in global natural gas prices over the past three days.

Over the past week, global natural gas prices have grown by 20.07 percent, with an average daily transaction price of US$2.4 per mmbtu. Compared to the price 30 days ago, global natural gas prices have increased by 47.11 percent. The highest trading value for global natural gas commodities this year was US$3.31 per mmbtu, recorded on Friday, January 12, 2024.

Annually, the average trading price of global natural gas over the past five years has shown a downward trend. Meanwhile, monthly price monitoring shows a downward trend in transactions over the past 12 months. The highest average monthly price for global natural gas commodities was recorded in October 2023 at US$3.14 per mmbtu.

Previously, news of potential gas shortages deepened concerns about the risk of recession in countries dependent on this fuel for industry and power generation, including the UK and the European Union.