Global Natural Gas Prices Rise Towards US$2.15 per Mmbtu (Wednesday, January 31, 2024)

Yahoo Finance reports that global natural gas prices rose 3.76 percent today, reaching US$2.15 per mmbtu. However, this increase remains below the average price movement over the past week.

Yesterday, global natural gas prices saw their highest jump on Wednesday, January 31, 2024, at 3.76 percent. Since the beginning of the year, however, trading has shown a continuous decline, with year-to-date growth at -18.4 percent.

The current situation is similar to previous trends showing a downward trajectory in global natural gas prices.

Over the past week, global natural gas price movements slowed by 12.04 percent, with an average daily transaction price of US$2.47 per mmbtu. Compared to its position 30 days ago, the movement of global natural gas prices has slowed by 17.43 percent. The highest transaction price for global natural gas 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 an upward trend. Meanwhile, monthly price monitoring shows an upward trend in transactions over the past 12 months. The highest average monthly price for global natural gas was recorded in October 2023 at US$3.16 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.