The average monthly price for natural gas in the United States fell to 1.5 nominal U.S. dollars per million British thermal units (Btu) in March 2024. By contrast, natural gas prices in Europe were about five times higher than those of the U.S. Prices across the European continent tend to be notably higher than those in the U.S. as the latter benefits from being a major hydrocarbon producer.
Russian import dependence results in surging natural gas prices across Europe
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. Many European countries relied heavily on gas imports from their neighbor, with Russian gas dependence highest in Eastern Europe. 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.
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 2022, the U.S. produced nearly 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 March 2014 to March 2024
(in nominal U.S. dollars per million British thermal units)
Characteristic
United States
Europe
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
Exclusive Premium Statistic
To access all Premium Statistics, you need a paid Statista Account
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"
Profit from the additional features of your individual account
Currently, you are using a shared account. To use individual functions (e.g., mark statistics as favourites, set
statistic alerts) please log in with your personal account.
If you are an admin, please authenticate by logging in again.
Learn more about how Statista can support your business.
World Bank. (April 2, 2024). Monthly prices for natural gas in the United States and Europe from March 2014 to March 2024 (in nominal U.S. dollars per million British thermal units) [Graph]. In Statista. Retrieved July 03, 2024, 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 March 2014 to March 2024 (in nominal U.S. dollars per million British thermal units)." Chart. April 2, 2024. Statista. Accessed July 03, 2024. https://www.statista.com/statistics/673333/monthly-prices-for-natural-gas-in-the-united-states-and-europe/
World Bank. (2024). Monthly prices for natural gas in the United States and Europe from March 2014 to March 2024 (in nominal U.S. dollars per million British thermal units). Statista. Statista Inc.. Accessed: July 03, 2024. 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 March 2014 to March 2024 (in Nominal U.S. Dollars per Million British Thermal Units)." Statista, Statista Inc., 2 Apr 2024, 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 March 2014 to March 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 July 03, 2024)
Monthly prices for natural gas in the United States and Europe from March 2014 to March 2024 (in nominal U.S. dollars per million British thermal units) [Graph], World Bank, April 2, 2024. [Online]. Available: https://www.statista.com/statistics/673333/monthly-prices-for-natural-gas-in-the-united-states-and-europe/