Global monthly fossil fuel price index by fuel 2024

Crude oil prices indices are the highest among all fossil fuel energy prices, although notably less volatile in the last 24-month period. In January 2024, the global crude oil price index stood at 187 index points. This compared to 173.56 for coal and 153.39 index points for natural gas. Energy prices soared in 2022. The fast economic recovery after the coronavirus pandemic led to supply disruptions that impacted energy prices. Furthermore, Russia's invasion of Ukraine in February 2022 exacerbated the situation.

Monthly fossil fuel price indices worldwide in select months from January 2022 to October 2024, by fuel

Characteristic	Crude oil	Natural gas	Coal
Jan '24	187	153.39	173.56
Oct '23	215.04	212.39	208.03
Jul '23	188.45	156.88	173.83
Apr '23	195.46	187.27	242.2
Jan '23	193.77	290.29	414.45
Oct '22	227.63	372.16	483.84
Jul '22	250.05	668.93	564.49
Apr '22	244.04	463.03	470.78
Jan '22	193.11	389.05	300.83

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Release date

February 2024

More information

Region

Worldwide

Survey time period

January 2022 to January 2024

Supplementary notes

Index use as base 2016 = 100.

The natural gas price index includes European, Japanese, and U.S. natural gas price indices.

The coal price index includes Australian and South African coal.

The crude oil index price is obtained with the simple average of three spot prices: Dated Brent, West Texas Intermediate, and Dubai Fateh.

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