Jun 26, 2025
Global wholesale gas prices are expected to average $4.88 per MMBtu in 2024.
Average wholesale natural gas prices worldwide dropped to $4.88 per million British thermal units (MMBtu) in 2024, as reported by the International Gas Union's (IGU) latest Wholesale Gas Price Survey released on Thursday.
This figure marks a notable decrease from the 2022 average of $9.45 and indicates a global downward trend following recent energy price shocks.
In 2024, 49% of global gas consumption was determined by gas-on-gas (GOG) competition-based pricing, an increase from 31.5% in 2005. Conversely, the share of oil-price escalation (OPE) pricing mechanisms declined from 24% in 2005 to 18.5% in 2024.
In Europe, GOG pricing dominated, accounting for 82% of total gas consumption, 80% of pipeline imports, and 78% of LNG imports in 2024, a model that had previously been mainly confined to the UK in 2005.
Globally, 50.5% of LNG trade was priced using GOG mechanisms in 2024, double the percentage seen in 2016.
Spot LNG imports also hit a record high, making up 38% of total LNG trade, with spot volumes increasing to 198 billion cubic meters, a threefold rise since 2016.
The report noted that OPE pricing remained prevalent in several Asian markets, including China, India, Japan, and South Korea, where long-term oil-indexed contracts were still common.
Total global natural gas consumption reached approximately 4,233 billion cubic meters in 2024, with 28.5% still under regulated pricing structures, particularly in areas such as the Former Soviet Union, the Middle East, and North Africa.
Regional average prices in 2024 were reported as follows:
- Europe: $11.52/MMBtu
- Asia-Pacific: $9.19/MMBtu
- Asia: $8.76/MMBtu
- North America: $2.13/MMBtu
The IGU indicated that while global gas prices peaked in 2021 and 2022, average prices in 2024 returned closer to levels seen in the mid-2010s.
The survey included over 70 countries, representing 96% of global gas consumption.
This figure marks a notable decrease from the 2022 average of $9.45 and indicates a global downward trend following recent energy price shocks.
In 2024, 49% of global gas consumption was determined by gas-on-gas (GOG) competition-based pricing, an increase from 31.5% in 2005. Conversely, the share of oil-price escalation (OPE) pricing mechanisms declined from 24% in 2005 to 18.5% in 2024.
In Europe, GOG pricing dominated, accounting for 82% of total gas consumption, 80% of pipeline imports, and 78% of LNG imports in 2024, a model that had previously been mainly confined to the UK in 2005.
Globally, 50.5% of LNG trade was priced using GOG mechanisms in 2024, double the percentage seen in 2016.
Spot LNG imports also hit a record high, making up 38% of total LNG trade, with spot volumes increasing to 198 billion cubic meters, a threefold rise since 2016.
The report noted that OPE pricing remained prevalent in several Asian markets, including China, India, Japan, and South Korea, where long-term oil-indexed contracts were still common.
Total global natural gas consumption reached approximately 4,233 billion cubic meters in 2024, with 28.5% still under regulated pricing structures, particularly in areas such as the Former Soviet Union, the Middle East, and North Africa.
Regional average prices in 2024 were reported as follows:
- Europe: $11.52/MMBtu
- Asia-Pacific: $9.19/MMBtu
- Asia: $8.76/MMBtu
- North America: $2.13/MMBtu
The IGU indicated that while global gas prices peaked in 2021 and 2022, average prices in 2024 returned closer to levels seen in the mid-2010s.
The survey included over 70 countries, representing 96% of global gas consumption.