Exchange prices for gas in Europe on Wednesday morning rose by 0.8%, Report informs with reference to the London ICE exchange.
October (nearest) futures for the TTF index (Europe's largest hub, located in the Netherlands) opened trading at $383.2 (-0.2%) per thousand cubic meters. Then they amounted to $387.1 (+0.8%) per thousand cubic meters. The dynamics of quotes are based on the settlement price of the previous trading day - $383.9 per thousand cubic meters.
Workers at Chevron's gas liquefaction plants in Australia began a partial strike on September 8. Exchange prices for gas in Europe then increased by the end of the day by almost 6%. In this regard, Chevron will turn to the labor regulator, filing so-called “statements of impossibility of bargaining” with the Labor Relations Commission (FWC) in relation to the Gorgon and Wheatstone plants, and an application has already been filed for the Wheatstone platform.
From September 14, workers at these enterprises might go on a full two-week strike, according to a message from the Offshore Alliance trade union. This could increase competition for LNG between Asia and Europe and cause further fluctuations in exchange prices in the European market.
On Tuesday, the Offshore Alliance announced its intention to challenge Chevron's application to the regulator regarding strikes at the Gorgon and Wheatstone plants in Australia.