Traders weigh potential disruption to global supplies against EU’s ample reserves of gas
Natural gasEuropean natural gas prices jumped in volatile trading on Monday as the prospect of a strike at a liquefied natural gas producer in Australia intensified fears of disruption to global supplies.
LNG from Australia rarely makes it directly to European shores but a possible disruption to global supplies has kept European traders on edge for several weeks. Traders for now are having to weigh the potential LNG supply disruption against Europe’s ample reserves of gas — last week the EUAnalysts at ING said in a note that “any strength in prices should be shortlived”, given the high amount of gas the EU had already stored.
The Offshore Alliance will also finalise a strike vote at the Chevron-operated Wheatstone and Gorgon LNG ventures by August 28. The three plants, which account for about 10 per cent of global LNG supplies, could all go on strike by early September.
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