Natural Gas Price | South Korea — Q4 2023
Check how the Natural Gas price evolved in South Korea, from Q4 2022 to Q4 2023.
The Natural Gas price in South Korea decreased during Q4 2023 to 15.9 USD per MMBtu, which represents a decline of 5.3% compared to the previous quarter’s value. On a year-over-year basis, Natural Gas prices in South Korea increased by 16%.
The chart below shows quarterly Natural Gas prices, in USD per MMBtu in South Korea and other selected countries in Northeast Asia.
For further information on the pricing of Natural Gas, including:
- Current prices, on a monthly basis
- 10-year historical pricing data
- Short-term Price Forecasts
Check below:
▶ https://www.intratec.us/products/energy-price-references/commodity/natural-gas-price-south-korea
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A Little Bit About Natural Gas
Natural Gas comprises a mixture of gaseous hydrocarbons, primarily methane, ethane, propane, and butane, having non-hydrocarbon impurities, mainly nitrogen, carbon dioxide, and hydrogen sulfide. It is considered the world’s third most important energy source after oil and coal.
When it comes to reserves by country, Russia and Iran account for the bulk of the reserves spread across the world. With the Middle East and Eastern Europe, they have more than two-thirds of the reserves.
Natural Gas can be commercialized in the spot market for immediate delivery. Spot prices, unlike contract prices, depend on commodity availability — the lower the availability, the higher the price. Considering that Natural Gas trade is highly affected by weather conditions and price control, spot prices can vary considerably, for example, because of warmer winters — resulting in lower demand — or price incentives and government restrictions.
Natural Gas transportation from producing regions to consumption regions consists of pipeline networks that may stretch throughout many countries and areas, supplying industrial and domestic needs worldwide. In short distances, liquefied Natural Gas (LNG) can be transported in carrier ships or tank trucks.
Natural Gas is employed mainly as heating fuel for industrial and domestic uses and as a building block in the synthesis of several basic chemical products. This commodity can be used in the manufacture of derivatives, such as: ammonia; acetic acid; acetylene; carbon black; carbon disulfide; copper; ethane; formaldehyde; hydrogen cyanide; methanol; methyl chloride; propylene; hydrogen.
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