| Gas prices today, April 5, 2024: Red dominates the market. Gas prices today, April 8, 2024: Forecast to continue the downward trend. |
Opening the trading session on the morning of April 9, 2024, today's gas price in the world market increased by 0.33% to 1.84 USD/mmBTU for natural gas futures contracts for May 2024.
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| Gas prices today, April 9, 2024: Slight increase at the start of trading. (Illustrative image) |
Europe has just concluded its heating season with the highest levels of natural gas in storage ever recorded. Reserves across the continent have reached a record high at the end of any winter in any year so far.
Weaker demand due to milder winters in 2023 and 2024, reduced energy efficiency targets, and eased industrial demand in the EU has led to higher natural gas inventories and lower prices.
Analysts say that as LNG exporters, particularly Qatar, announce new large-scale expansion projects, the world could soon face a gas surplus.
Gas prices in Europe could fall to $6.70 per million British thermal units (MMBtu) this summer thanks to a mild winter and ample gas inventories, Wood Mackenzie said in a report last month.
“High inventory levels create a risk of price drops as summer approaches. With storage levels near full capacity, we estimate there will be up to 10 billion cubic meters of surplus,” said Mauro Chavez, Head of Gas and LNG Markets for Europe at WoodMac.
In the US, oversupply and low natural gas prices have prompted many operators to begin reducing production. However, some are also stockpiling wells ready to begin pumping as soon as prices rise again. Operators expect natural gas prices to recover next year amid increasing demand for LNG exports and new LNG export plants expected to begin operations in 2025.
Despite natural gas prices in the U.S. being at their lowest in years, domestic operators remain optimistic about the long-term prospects of natural gas as a fuel, both in the U.S. and overseas.
In the domestic market, from April 1st, gas companies in the south announced a reduction in gas prices.
Specifically, after price reductions for some products of Pacific Petro Gas Trading Joint Stock Company (Gas Pacific Petro), the prices are as follows: City Petro, Vimexco, and Vina Pacific Petro gas cylinders decreased by 2,500 VND/6kg cylinder to 267,500 VND; 12kg cylinders decreased by 5,000 VND to 476,000 VND; 45kg cylinders decreased by 19,000 VND to 1,785,000 VND; and 50kg cylinders decreased by 21,000 VND to 1,981,500 VND.
The prices of gas products from Vietnam Liquefied Gas Company Limited have also decreased. Accordingly, gas brands such as Onic Petro, City Petro, Saigon Petro, Petrovietnam , Thu Duc gas, VTgas… have seen similar price reductions to Pacific Petro Gas, decreasing by 5,000 VND/12kg cylinder and 19,000 VND/45kg cylinder...
Meanwhile, Saigon Petro announced that the price of SP gas only decreased by 375 VND/kg, equivalent to a reduction of 4,500 VND per 12kg cylinder.
According to the Southern Gas Association, the world's contracted gas import price (CP price) for April officially closed at $617.5/ton, a decrease of $18/ton compared to the previous month, helping to lower domestic retail gas prices.
Thus, from the beginning of 2024 until now, gas prices have increased three times and decreased once. Specifically, gas prices increased by 500 VND/kg in January; 417 VND/kg in February; and 167 VND/kg in March. On average, each 12kg household gas cylinder has increased by approximately over 13,000 VND.
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