A key price benchmark for the world’s biggest energy producer is set to plummet for the first time in more than a decade, with natural gas currently trading at just $2.00 per million British thermal units (Btu) and a decline of about a fifth of the global average.
Natural gas prices, including wholesale prices, were up around $4.10 per Btu in the first six months of the year, according to data from the World Energy Council.
But that figure is down by almost half to just $1.50 a Btu, or just over 40 cents per million Btu.
That’s a steep drop from a year ago when natural gas was trading around $2 a BtU.
As we reported last week, wholesale gas prices are also falling in recent weeks, falling by more than 20 cents a Btr on Wednesday to $2,082 per million cubic metres (Bcfm), down from a peak of $4,856 per BtMc.
The drop is likely due to the global glut of natural gas as a result of the OPEC-led war in Syria and Russia’s retaliatory strike against Saudi Arabia and its allies in Yemen.
The sharp drop in natural gas will also be an immediate blow to the industry as it continues to push the price of natural resources up and away from the cost of servicing them, which is now the highest in more more than half a century.
In March, it was reported that wholesale gas costs were already at a record high.
As a result, the cost for delivering natural gas from a pipeline to a gas station is likely to be lower than it was in the past.
Natural Gas Prices: Where Are They Now?
In May, prices hit a record low of $2 per Btr.
But as the global supply glut and the rise in global demand for energy make natural gas cheaper than ever, the price will likely keep falling in the coming months.
Natural resources companies, particularly the big ones, are already cutting prices to the bone.
The International Energy Agency estimates that natural gas supplies in 2020 will be down a staggering 17.2 percent, the steepest drop since the end of the Cold War.
In February, the Organization of the Petroleum Exporting Countries (OPEC) said its oil production in 2019 will be at its lowest level in more over 40 years, dropping by 11 percent.
Oil production in 2020 is expected to be the lowest since the mid-1970s, and oil prices are expected to fall by up to half.
The drop will have a huge impact on the global economy and the global energy market, with a decline in production and a steep rise in prices.
The Organization of Petroleum Exporters has predicted the price for Brent crude oil, the benchmark price, will fall by more to $60 per barrel this year.
The price for WTI crude oil is expected at $60 a barrel by 2022.
That is the price that is being paid for oil on the international markets, which has been artificially inflated by the manipulation of crude prices.
Brent oil is currently trading around US$55 per barrel, down from US$75 in early February.
That puts Brent at the lowest level since the beginning of the shale boom in the early 2000s.
The Brent crude price is now down more than $10 per barrel since January, and the price is expected drop another $20 a barrel this month.
As the world looks to find a way to keep the prices of oil and gas up, there is one simple question that needs to be answered.
What will the price do in 2020?
Will it fall to $20 per barrel or will it stay at $40 per barrel?
The answer will determine whether the price falls below $60 or rises to $70 per barrel.
It will be very hard to keep prices at their current level for long if the price keeps dropping.
The reason for the current price is because the global production of natural reserves is being stretched.
The world needs more gas to fill its needs and supplies are being cut by the billions.
That means the world needs to find more gas.
The more gas it can find, the more supply it can provide.
That makes the natural gas market extremely unstable.
But if the prices stay the way they are, the market will eventually collapse and we will not have much left to trade for our oil and natural gas.
The problem is, that means that prices will drop even further.
So long as natural gas is being sold at around $20 to $30 a barrel, that is the way the market is heading.
In other words, if prices keep falling, the prices will not be enough to keep up with the cost to extract and store the natural resources we need to meet the growing demands of the world.
That is why the US Federal Reserve has announced that it is considering lowering interest rates in order to allow more natural gas to be sold.
The central bank is also raising the target for the federal funds rate to 0.75 percent, which means that there