Gas price today January 19: Slight increase

World gas prices reversed and increased slightly by 0.21% to 4,266 USD/mmBTU.

World market

According to Oilprice.com at the end of the week, natural gas prices on the world market reversed and increased slightly by 0.21% to 4,266 USD/mmBTU for natural gas contracts for delivery in January 2025.

According to Petrolimex Gas Corporation, the decrease in Petrolimex gas price in January 2025 is due to the average world gas price contract in January 2025 at 620 USD/ton.

The global energy landscape has entered a period of transformation as Europe decides to shift away from Russian natural gas. Once the cornerstone of Europe’s energy supply, Russia now faces the economic and geopolitical consequences of losing its largest market.

New research published in the journal Nature Communications, led by Professor Michael Bradshaw of Warwick Business School and Steve Pye of UCL, explores the far-reaching implications of Russia’s shift towards Asian markets in a world increasingly shaped by energy diversification and sustainable development goals.

The article highlights the complexity of this adjustment. While Europe has succeeded in reducing its dependence on Russian gas, the region now faces new vulnerabilities linked to the global LNG market and growing competition from Asia.

As Professor Bradshaw explains, “While diversifying away from Russian gas is a security success story, it also brings new complexities. Europe’s energy security is now linked to developments in Asia through the global gas market.”

Russia’s efforts to secure the Asian market are facing challenges, with China emerging as the dominant gatekeeper. This dependence not only reduces Russia’s revenue potential, but also highlights the urgency for Europe to accelerate its renewable energy transition and strengthen intra-EU cooperation.

Russia’s dominance of Europe’s natural gas market began to unravel in late 2021, when Gazprom reduced supplies to the European spot market, triggering price spikes. The situation worsened with Russia’s invasion of Ukraine in 2022. By 2024, pipeline flows to Europe had plummeted to just 20% of pre-war levels. Key supply routes such as Nord Stream were idled due to sabotage and sanctions, while Gazprom’s insistence on paying in rubles further strained relations with European buyers.

The EU’s response has been swift. Initiatives such as REPowerEU aim to wean itself off Russian fossil fuels by 2027, and European countries have been quick to diversify their supply sources, increasing LNG imports from the United States, Qatar and Norway. While these measures have improved energy security in the short term, they have exposed Europe to price volatility and increased supply competition in the global LNG market.

Domestic market

Petrolimex Gas Corporation said that the retail price of Petrolimex gas cylinders (including VAT) in January 2025 in the Hanoi market is 460,100 VND/12 kg household cylinder; 1,840,100 VND/48 kg industrial cylinder, respectively decreasing by 7,200 VND/12 kg cylinder and 29,100 VND/48 kg cylinder (including VAT).

According to Petrolimex Gas Corporation, the decrease in Petrolimex gas price in January 2025 is due to the average world gas price contract in January 2025 at 620 USD/ton, a decrease of 12.5 USD/ton compared to December 2024, so Petrolimex Gas Corporation made adjustments according to the corresponding decrease.

Gas South Joint Stock Company (Gas South) announced that its retail gas prices have been adjusted down to VND474,400/12kg cylinder and VND1,780,361/45kg cylinder (including VAT) in the Eastern and Western regions of the South. This price applies to gas brands such as Gas Dau Khi, VT - Gas, A Gas, Dang Phuoc Gas, Dak Gas and JP Gas.

In 2024, domestic retail gas prices increased 7 times, decreased 3 times and remained unchanged 2 times.

Source: https://baodaknong.vn/gia-gas-hom-nay-19-1-tang-nhe-240737.html