Gas prices in Europe rise on fear of strike
The increase in natural gas prices in Europe gained further momentum after the workers’ strike warning.
The announcement of the decision to strike by workers at LNG facilities in Australia raised concerns that there may be a supply disruption in the market. This pushed up gasoline prices.
The Dutch TTF price, the benchmark contract for European natural gas prices, rose 18 percent per megawatt hour to 42.90 euros ($496,808 per 1,000 cubic meters).
UNION ANNOUNCES DECISION TO STRIKE
Unions of workers working on offshore gas platforms at Woodside Energy Group in Australia, the world’s largest LNG importer, announced they had decided to go on strike yesterday. The union said it could start a strike on September 2. The threat of a strike shook the energy market.
There has been a longstanding dispute between Woodside and workers over wages and conditions on the North West gas rigs that power Australia’s largest LNG plant.
The Offshore Alliance, which unites the Australian Maritime Union and Australian Workers Union, stated that the strike decision was approved by the workers in the Facebook post they shared on the issue.
MAY SHOCK THE LNG MARKET
The Offshore Alliance, which also represents workers at Chevron’s LNG facilities, stated that workers at these companies have also initiated the strike vote. The first results in these companies will be announced on Thursday.
The Woodside and Chevron facilities together account for about 10 percent of the global LNG market. Concerns about a possible strike, on the other hand, increase the volatility in gas prices in Europe.
Source: Sozcu
Andrew Dwight is an author and economy journalist who writes for 24 News Globe. He has a deep understanding of financial markets and a passion for analyzing economic trends and news. With a talent for breaking down complex economic concepts into easily understandable terms, Andrew has become a respected voice in the field of economics journalism.
