Natural gas prices have jumped after strike action kicked off at two major liquefied natural gas (LNG) facilities in Australia.
The walkouts, in a row over pay and conditions, are taking place at Chevron’s Gorgon and Wheatstone plants in Western Australia.
The US energy giant’s two plants account for more than 5% of global LNG capacity.
The US energy giant’s two plants account for more than 5% of global LNG capacity.
“Prices are up this morning… but in a rather moderate way,” said analysts at Engie EnergyScan.
“We have not yet reached the stage of a drop in supply. So, no need to panic in a context where all other fundamentals are rather bearish,” they added.
Australia is one of the world’s largest exporters of LNG, along with Qatar and the US, and its supplies have helped to cool global energy prices after Russia began cutting its supplies of natural gas to Europe.
Australia’s industrial arbitrator, the Fair Work Commission, has been hosting mediation talks between Chevron and the Offshore Alliance – which is a partnership of two unions representing energy workers.
Natural gas prices have jumped after strike action kicked off at two major liquefied natural gas (LNG) facilities in Australia.
The US energy giant’s two plants account for more than 5% of global LNG capacity.
The walkouts, in a row over pay and conditions, are taking place at Chevron’s Gorgon and Wheatstone plants in Western Australia.
“Prices are up this morning… but in a rather moderate way,” said analysts at Engie EnergyScan.
The US energy giant’s two plants account for more than 5% of global LNG capacity.
The US energy giant’s two plants account for more than 5% of global LNG capacity.
“Prices are up this morning… but in a rather moderate way,” said analysts at Engie EnergyScan.
“We have not yet reached the stage of a drop in supply. So, no need to panic in a context where all other fundamentals are rather bearish,” they added.
Australia is one of the world’s largest exporters of LNG, along with Qatar and the US, and its supplies have helped to cool global energy prices after Russia began cutting its supplies of natural gas to Europe.
Australia’s industrial arbitrator, the Fair Work Commission, has been hosting mediation talks between Chevron and the Offshore Alliance – which is a partnership of two unions representing energy workers.
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