The average monthly price for natural gas in the United States amounted to 3.02 nominal U.S. dollars per million British thermal units (Btu) in December 2024. By contrast, natural gas prices in Europe were about four times higher than those in the U.S. Prices for Europe tend to be notably higher than those in the U.S. as the latter benefits from being a major hydrocarbon producer.
Europe's import reliance
European prices for natural gas rose most notable throughout the second half of 2021 and much of 2022, peaking at over 70 U.S. dollars per million Btu in August 2022. The sharp rise was due to supply chain issues and economic strain following the COVID-19 pandemic, which was further exacerbated by Russia’s invasion of Ukraine in early 2022. As a result of the war, many countries began looking for alternative sources, and Russian pipeline gas imports to the European Union declined as a result. Meanwhile, LNG was a great beneficiary, with LNG demand in Europe rising by more than 60 percent between 2021 and 2023.
How domestic natural gas production shapes prices
As intimated, the United States’ position among the leaders of worldwide natural gas production is one of the main reasons for why prices for this commodity are so low across the country. In 2023, the U.S. produced more than one trillion cubic meters of natural gas, which allays domestic demand and allows for far lower purchasing prices.
Monthly prices for natural gas in the United States and Europe from December 2014 to December 2024
(in nominal U.S. dollars per million British thermal units)
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Monthly prices for natural gas in the United States and Europe from December 2014 to December 2024
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According to the source, these prices refer to "Natural Gas (Europe), Netherlands Title Transfer Facility (TTF). Natural Gas (U.S.), spot price at Henry Hub, Louisiana"
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World Bank. (January 3, 2025). Monthly prices for natural gas in the United States and Europe from December 2014 to December 2024 (in nominal U.S. dollars per million British thermal units) [Graph]. In Statista. Retrieved February 17, 2025, from https://www.statista.com/statistics/673333/monthly-prices-for-natural-gas-in-the-united-states-and-europe/
World Bank. "Monthly prices for natural gas in the United States and Europe from December 2014 to December 2024 (in nominal U.S. dollars per million British thermal units)." Chart. January 3, 2025. Statista. Accessed February 17, 2025. https://www.statista.com/statistics/673333/monthly-prices-for-natural-gas-in-the-united-states-and-europe/
World Bank. (2025). Monthly prices for natural gas in the United States and Europe from December 2014 to December 2024 (in nominal U.S. dollars per million British thermal units). Statista. Statista Inc.. Accessed: February 17, 2025. https://www.statista.com/statistics/673333/monthly-prices-for-natural-gas-in-the-united-states-and-europe/
World Bank. "Monthly Prices for Natural Gas in The United States and Europe from December 2014 to December 2024 (in Nominal U.S. Dollars per Million British Thermal Units)." Statista, Statista Inc., 3 Jan 2025, https://www.statista.com/statistics/673333/monthly-prices-for-natural-gas-in-the-united-states-and-europe/
World Bank, Monthly prices for natural gas in the United States and Europe from December 2014 to December 2024 (in nominal U.S. dollars per million British thermal units) Statista, https://www.statista.com/statistics/673333/monthly-prices-for-natural-gas-in-the-united-states-and-europe/ (last visited February 17, 2025)
Monthly prices for natural gas in the United States and Europe from December 2014 to December 2024 (in nominal U.S. dollars per million British thermal units) [Graph], World Bank, January 3, 2025. [Online]. Available: https://www.statista.com/statistics/673333/monthly-prices-for-natural-gas-in-the-united-states-and-europe/
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