Global Natural Gas Prices Rise Towards US$2.8 per Mmbtu (Wednesday, November 29, 2023)

Global natural gas prices rose on Wednesday, November 29, 2023, trading at US$2.8 per mmbtu. This is higher than the previous day's price of US$2.71 per mmbtu. This current situation is similar to the previous trend of declining global natural gas prices.

Over the past week, global natural gas price movements slowed by 1.58 percent, with an average daily transaction price of US$2.82 per mmbtu. Compared to the beginning of the year, global natural gas prices have slowed by 29.76 percent. The highest trading value for this commodity this year was US$4.17 per mmbtu, recorded on Wednesday, January 4, 2023.

Annually, the average global natural gas price trade over the past five years has shown an upward trend. However, monthly price monitoring over the past 12 months shows a downward trend. The highest average monthly price for global natural gas was recorded in December 2022 at US$5.77 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.