Natural gas
European natural gas prices rose sharply on renewed concerns about potential supply disruptions, with workers on a major export project in Australia preparing to strike unless a deal is reached in wage talks, to be held on Wednesday.
The turmoil in Australia could affect 10 percent of global LNG exports, and it comes as Europe is still recovering from the energy crisis, which pushed the Netherlands’ front-month futures contract up 18 percent.
Unions in Australia said over the weekend that the strike could begin on September 2 if the Woodside Energy Group does not provide a suitable agreement. Workers at Chevron in Australia also began voting on possible strikes last week, according to Bloomberg.
Bloomberg quoted Sol Kavonic, an energy analyst at Credit Suisse, as saying that there is still a chance for a solution, because the actors involved are likely to be aware of the seriousness of the potential consequences.
2023-08-21 10:13:08
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