By Artem Egorov
Gas prices reacted sharply to a possible strike by Australian Chevron Corp. workers. and Woodside Energy Group Ltd. , which may affect the export of liquefied natural gas from the country. The exact timing of the strike has not yet been determined.
Asian buyers will be forced to replace volumes from Australia due to higher LNG prices. Supply disruptions will also affect Europe. Director of the consulting company Inspired Plc. Nick Campbell noted that "LNG has become a major component of the European gas mix, so any indication that these supplies are under threat leads to price support."
The price of September futures for natural gas at the TTF hub in the Netherlands soared to €40.3 per 1 MWh, or $464 per 1,000 cubic meters. m, taking into account the current exchange rate in the Forex market.
And although the main risks with Australian gas relate to supplies to Japan, there are also concerns in Europe about the winter heating season.
So, the chief executive of the German utility company EON, Leonard Birnbaum, in an interview with Bloomberg Television, said that "the (energy) crisis is not over," although the likelihood of a repeat of last year's situation has decreased.
Earlier it was reported that production in Norway is falling, as are the volumes of supplies of liquefied natural gas (LNG) to the continent. There are also risks that Ukraine may stop providing transit in 2024. In other words, already this winter Europe may find itself in another energy impasse.
This article originally appeared in Russian at expert.ru