However, according to experts, the price rally should be short-lived. picture alliance/dpa | Stephen Sauer
Natural gas prices in Europe rose by up to 18 percent on Monday.
Reason: Dealers fear delivery bottlenecks. The workers at a liquid gas plant in Australia are currently preparing for a strike.
The disturbances in the operation of the plant could affect ten percent of global liquefied gas exports, according to “Bloomberg„.
Gas prices in Europe rose by up to 18 percent on Monday. Reason: Workers are preparing for a strike at a liquid gas plant in Australia.
How “Bloombergreported, the workers’ strike could begin as early as September 2 unless an agreement is reached in wage negotiations with plant operator Woodside Energy Group Ltd. comes.
And that has global consequences: In this case, the disruptions could affect 10 percent of global LNG exports, the report says.
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With winter in mind, this announcement has traders looking to the future with concern. Because although gas prices are currently well below last year’s highs, curbed fuel supplies to Asia could increase competition for alternative cargoes. That could lead to a bidding war.
However, analysts at ING Groep NV gave the all-clear in a statement. Europe is well prepared for the winter and rarely gets fuel from Australia. A “significant change in European fundamentals” is only possible if a large part of Australian capacity goes offline for a longer period of time – at least a month or two, according to “Bloomberg”.