MOSCOW, August 28Exchange gas prices in Europe jumped by 10% to almost $430 per thousand cubic meters after reports of plans to strike workers at LNG plants of the American oil and gas company Chevron in Australia, according to data from the London-based ICE exchange.
September (nearest) futures on the TTF index (the largest hub in Europe, located in the Netherlands) opened trading at $393.7 (+1.4%) per thousand cubic meters. Then, after reports of plans for strikes by workers at large Australian LNG plants, prices jumped 10.2% to $427.9. As of 17.30 Moscow time, quotes add 8.5%, showing an increase to $421.3. The dynamics are based on the previous trading day's settlement price of $388.4 per thousand cubic meters.
Chevron received notifications of a September 7 strike by Gorgon and Wheatstone workers, will take measures to maintain safe and reliable operations in the event of interruptions and will continue the negotiation process , the company said on Monday.
Reports of possible strikes by workers at Chevron and Woodside Energy liquefaction plants in Australia have been a recent driver of gas exchange prices in Europe. According to Bloomberg, this could lead to a disruption in the supply of 10% of world LNG exports. September gas futures on the TTF index on August 22 for the first time since June 15 exceeded $ 500 per thousand cubic meters. while workers at two Australian Chevron LNG plants, Gorgon and Wheatstone, voted to go on strike. Projects account for 5% of global LNG supply, but the strike is unlikely to have an immediate impact on supplies as it is likely to start with minor actions such as stopping overtime, Bloomberg notes.