Prices also supported by flows to Ukraine and Norwegian seasonal maintenance
Benchmark gas futures soared as much as 32 per cent, the most since September 2022, Photograph: iStockEuropean natural gas jumped above €40 for the first time since June amid the possibility of worker strikes at some plants in Australia.
Workers at Chevron and Woodside Energy Group facilities in Australia voted to strike, which has the potential to affect liquefied natural gas exports from the country, tightening the global market for the fuel. The exact timing of the industrial action – if it goes ahead – wasn’t immediately clear. It’s also possible that this week’s price surge caused a wave of position-covering by investors who previously bet on further declines in gas. Similar moves caused an extreme volatility in June.
The vote by Woodside workers in Australia increases the risk of industrial action, which could disrupt LNG operations at its North West Shelf project, said Jake Horslen, a senior LNG analyst at Energy Aspects in London. Japanese clients would be most affected by any strikes in Australia.
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