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☆ Chevron accepts Australian labour tribunal's terms to end strike at LNG plants
▼ + stars: | 2023-09-21 | by ( ) www.reuters.com time to read: +1 min

A 3D printed natural gas pipeline is placed in front of displayed Chevron logo in this illustration taken February 8, 2022. REUTERS/Dado Ruvic/Illustration/File Photo Acquire Licensing RightsSept 21 (Reuters) - Chevron (CVX.N) said on Thursday it has the accepted recommendations from Australia's labor regulator to end its dispute with unions at its liquefied natural gas (LNG) facilities in Western Australia. The Fair Work Commission of Australia, which has the power to impose a settlement, "strongly recommended" parties accept its proposals to end work stoppages that began on Sept. 8 at the Gorgon and Wheatstone LNG operations. The workers at the facilities, which account for nearly 7% of global LNG supply, are backed by the Offshore Alliance - that combines the Maritime Union of Australia and Australian Workers' Union. Chevron had been negotiating with the workers for weeks alongside Australia's Woodside Energy (WDS.AX), which managed to avert the strikes last month after reaching a deal.

Persons: Dado Ruvic, Sourasis Bose, Maju Samuel, Shinjini Ganguli, Eileen Soreng Organizations: Chevron, REUTERS, Offshore Alliance, Maritime Union of Australia, Australian Workers ' Union, Australia's, Energy, Thomson Locations: Western Australia, Australia, Bengaluru

"We've certainly seen Australia's reputation being affected as some existing buyers expressed interest in diversifying their suppliers for long-term supply," said Ryhana Rasidi, LNG analyst at analytics firm Kpler. "Australia is the closest gas supplier we can get. By far, Australia, U.S. and Qatar are the three pillars in LNG supply chain. As well as its political stability, its proximity to Asia might be Australia's saving grace, industry analysts say. "Ties are very strong between North Asia and Australia as a legacy supplier, so many participants are keen to continue the relationship," said Kaushal Ramesh, LNG analyst at Rystad Energy.

Persons: Inpex, Resources Madeleine King, We've, Ryhana, Jane Liao, Kaushal Ramesh, Emily Chow, Yuka Obayashi, Muyu Xu, Andrew Hayley, Joyce Lee, Lewis Jackson, Florence Tan Organizations: Reuters, Chevron, Handout, REUTERS, Rights, Workers, Japan's Kyushu Electric Power, Chevron's, Woodside Energy, West Shelf, South, Resources, Taiwan, Tohoku Electric Power, Kyushu Electric Power, Osaka Gas, Rystad Energy, Thomson Locations: Chevron, Barrow Island, Australia, Rights SINGAPORE, TOKYO, Qatar, United States, Western Australia, China, Japan, South Korea, Taiwan, Ukraine, Oman, U.S, Asia, Singapore, Tokyo, Beijing, Seoul, Sydney

Talks between Chevron and the workers' unions broke down last week without a deal, and the industrial action is scheduled to escalate to two weeks of 24-hour stoppages on Thursday. Chevron would have to demonstrate a sustained attempt to negotiate with unions for the tribunal to rule in its favour, he added. Strikes could actually demonstrate workers were so committed to bargaining that they were willing to stop work and forgo wages, she added. "Strike action is a legitimate form of action, workers have the right to do this," she said. Any party involved can contest a FWC ruling and seek judicial review, Charles Power, partner at law firm Holding Redlich said, although a court would not again hear the facts of the case.

Persons: Australia's, Steve Purvinas, Purvinas, Shell, Shae, McCrystal, Charles Power, Redlich, Lewis Jackson, Renju Jose, Alasdair Pal, Miral Organizations: Reuters, Chevron, Handout, REUTERS Acquire, Rights, CAN, Virgin Australia, Australian Licensed Aircraft Engineers ’ Association, Virgin, Offshore Alliance, Shell, University of Sydney, Thomson Locations: Wheatstone, Western Australia, Federal, Shell, Woodside, Inpex, Sydney

A general view of Chevron's Wheatstone LNG facility in Pilbara coast, Western Australia, as seen in this undated handout image obtained by Reuters on September 8, 2023. If there is still no deal by then, the unions will completely stop work for two weeks. Australia was the world's largest LNG exporter last year, shipping out 80.9 million metric tons of the fuel in 2022 versus 79 million tons in 2021, according to the International Gas Union. A prolonged strike could disrupt exports and raise prices of LNG, which is used for electricity generation. The same union alliance also secured agreements last year with Shell (SHEL.L) and Inpex (1605.T) at their LNG facilities in Western Australia.

Persons: Chevron, Wheatstone, Baden Moore, NAB's Moore, Emily Chow, Lewis Jackson, Florence Tan, Tony Munroe, Miral Organizations: Reuters, Chevron, Handout, REUTERS Acquire, Rights, NEXT, Unions, International Gas Union, National Australia Bank, NAB, Woodside Energy Group, WHAT'S, Woodside, North West Shelf, Shell, Thomson Locations: Wheatstone, Western Australia, Rights SINGAPORE, SYDNEY, Australia, Japan, South Korea, China, Taiwan, Asia, Europe, Ukraine, Inpex, Woodside

FILE PHOTO: The logo of Chevron is seen at the company's office in Caracas, Venezuela April 25, 2018. Australia is the world's biggest LNG exporter and its main buyers are in Asia. "Unfortunately, following numerous meetings and conciliation sessions before the Fair Work Commission, we remain apart on key terms," a Chevron spokesperson said. Brad Gandy, a spokesperson for the Offshore Alliance, said the union coalition had agreed "in good faith" to the mediated talks, "but after five days Chevron has barely budged". Energy analyst Saul Kavonic said the strikes appeared to be designed to put more pressure on Chevron to cut a deal rather than substantially affect production.

Persons: Marco Bello, Brad Gandy, ratcheting, Saul Kavonic, Renju Jose, Lewis Jackson, Leslie Adler, Jamie Freed, Miral Fahmy, William Mallard Organizations: Chevron, REUTERS, Rights, Woodside Energy, North West Shelf, Offshore Alliance, CHEVRON, Australian, South, Taiwan . Energy, Thomson Locations: Caracas, Venezuela, Australia, U.S, Asia, British, China, Japan, South Korea, Taiwan, Western Australia, Sydney

☆ Chevron begins mediation talks to avert Australia LNG strike
▼ + stars: | 2023-09-04 | by ( ) www.reuters.com time to read: +2 min

The Chevron logo is pictured after the U.S. government granted a six-month license allowing Chevron to boost oil output in U.S.-sanctioned Venezuela, in Caracas, Venezuela, December 2, 2022. Reuters first reported on Friday that Chevron had filed a request for mediation with the FWC. Any industrial action would disrupt Australia's LNG exports and increase competition for the super-chilled fuel, forcing Asian buyers to outbid European buyers to attract LNG cargo. Reuters GraphicsGorgon, Australia's second-largest LNG plant, has an export capacity of 15.6 million tonnes a year and Wheatstone 8.9 million. A similar dispute between the union alliance and Woodside-operated (WDS.AX) North West Shelf LNG facility, Australia's biggest, was resolved last month after workers approved a deal.

Persons: Gaby Oraa, Australia's, Renju Jose, Lewis Jackson, Christopher Cushing Organizations: Chevron, U.S, REUTERS, Rights, Reuters, Offshore Alliance, South, Wheatstone, West Shelf, Thomson Locations: Venezuela, Caracas, Australia, Western Australia, Perth, China, Japan, South Korea, Taiwan, Woodside, Sydney

☆ Chevron’s LNG plants in Australia face strike action
▼ + stars: | 2023-08-29 | by ( Michelle Toh | ) edition.cnn.com time to read: +5 min

“If a strike were to go ahead, prices would rise, particularly if industrial action escalates, and it is unclear how long it would last. Last week, European natural gas prices soared to €42.9 per megawatt hour, “their highest closing level since April” in anticipation of looming industrial action, according to Deutsche Bank analysts. But on Friday, union workers announced a deal in principle with Woodside and called off a planned strike. Impending strike actionChevron, too, had presented a new offer to workers at its Gorgon and Wheatstone facilities last week. A Chevron Australia spokesperson confirmed to CNN on Tuesday that it had received notice of planned action next week.

Persons: Daniel Toleman, Wood Mackenzie, ”, Wheatstone, Mark Hatfield Organizations: Hong Kong CNN, Chevron, Offshore Alliance, Australian Workers ’ Union, Maritime Union of Australia, CNN, Traders, Deutsche Bank, ”, “ Offshore Alliance, ” Chevron, Chevron Australia, Energy Locations: Hong Kong, Australia, Asia, Woodside, Australian, Ukraine

Chevron's Gorgon and Wheatstone projects account for more than 5% of global LNG capacity, and news of the possible strikes sent European natural gas prices surging. "It's set to cost Chevron their LNG exports as (the industrial action) starts to bite," said the alliance that groups together the Maritime Union of Australia and the Australian Workers' Union. The unions last week warned that work stoppages could cost Chevron billions of dollars. "Ten hour work stoppages: it is a harsher initial industrial action than what the unions contemplated for Woodside," he said. Last week, Offshore Alliance and Woodside (WDS.AX) resolved worker disputes at North West Shelf, Australia's largest LNG facility, after negotiating higher wages, job security and employee-friendly rosters, averting industrial action.

Persons: Gaby Oraa, Wheatstone, Saul Kavonic, Renju Jose, Lewis Jackson, Florence Tan, Alasdair Pal, Chris Reese, Shri Navaratnam, Tom Hogue Organizations: Chevron, U.S, REUTERS, SYDNEY, Workers, Reuters, Offshore Alliance, Maritime Union of Australia, Australian Workers ' Union, Shell, Energy, Woodside, North West Shelf, Thomson Locations: Venezuela, Caracas, SINGAPORE, Australia, Woodside, WDS.AX, Asia, Chevron, Sydney, Singapore

A 3D printed natural gas pipeline is placed in front of displayed Chevron logo in this illustration taken February 8, 2022. Workers on Thursday voted to authorize the Offshore Alliance of unions to call a strike at Chevron's Gorgon and Wheatstone projects. In a Facebook post on Friday, the union alliance said of Chevron's senior management team: "Their stupidity is about to cost them $billions in lost production and profit." The Offshore Alliance, which combines the Maritime Union of Australia and Australian Workers' Union, must give Chevron seven working days' notice before a strike. The Offshore Alliance announced on Friday that workers had "overwhelmingly endorsed" the draft agreement in a meeting the previous evening.

Persons: Dado Ruvic, Wheatstone, Saul Kavonic, Renju Jose, Lewis Jackson, Cynthia Osterman, Kim Coghill Organizations: Chevron, REUTERS, Rights, Workers, Offshore Alliance, North West Shelf, Maritime Union of Australia, Australian Workers ' Union, South, Taiwan . Energy, West Shelf, Woodside, Thomson Locations: Chevron's, Australia, Woodside, Europe, China, Japan, South Korea, Taiwan, Woodside's, Dutch, Sydney

☆ Woodside Heads Off Australian Labor Dispute Roiling Gas Markets
▼ + stars: | 2023-08-24 | by ( Stuart Condie | ) www.wsj.com time to read: 1 min

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Persons: Dow Jones Locations: woodside

☆ Morning Bid: August rescued by Nvidia, bond rally
▼ + stars: | 2023-08-24 | by ( ) www.reuters.com time to read: +5 min

REUTERS/Brendan McDermid Acquire Licensing RightsA look at the day ahead in U.S. and global markets from Mike DolanA dire August for world markets is being rehabilitated in its final week, helped by another sparkling AI-related surprise from chip giant Nvidia (NVDA.O) and a rebound in battered bond markets. The bar for surprise from Wednesday's earnings update was sky high, but the company somehow managed to vault it again. Despite the rebound the index is still down more than 4% for August - its worst month since last September. Ironically, the retreat in bond yields comes amid signs of cooling economic activity - but that comes with the significant relief that central banks may not have to squeeze any harder to get inflation back close to targets. Bond yields are in retreat in advance of the speech, helped by the easing economic data and a decent 20-year bond auction on Wednesday.

Persons: Brendan McDermid, Mike Dolan, Jerome Powell's, Jackson, China's spluttering, Bernadette Organizations: New York Stock Exchange, REUTERS, Nvidia, Federal Reserve, Fed, Treasury, Woodside Energy, Chicago Fed, Kansas City Fed, Intuit, Ulta, Reuters, Thomson Locations: New York, U.S, Frankfurt, Asia, Shanghai, Europe, Kansas, Jackson

NEW YORK, Aug 23 (Reuters) - A recent spike in U.S. bond yields has come alongside muted expectations for inflation, a sign to some bond fund managers that economic resilience and high bond supply are now playing a larger role than second-guessing the Federal Reserve. Bond yields, which move inversely to prices, tend to rise in an inflationary environment because inflation erodes the value of a future bond payout. But while higher moves in bond yields in the last several months were often driven by investors pricing in higher interest rates as the Fed sought to tame rising inflation, expectations on the pace of price rises have moved lower in recent weeks. Long-term Treasury yields account for factors such as inflation expectations and term premiums, or what investors demand to be compensated for the risk of holding long-term paper. A recent string of strong economic data despite higher interest rates has strengthened investor beliefs that interest rates will remain higher for longer, even if inflation is tamed.

Persons: Jerome Powell, Jackson, Bond, ”, Calvin Norris, John Madziyire, Anthony Woodside, “, Aegon's Norris, Davide Barbuscia, Megan Davies, Anna Driver Organizations: Federal Reserve, Federal, Aegon Asset Management, Investors, Bank of Japan, BMO Capital Markets, Treasury, Securities, Reuters, Fed, Thomson Locations: U.S, America

"It's pleasing that Woodside has made our members a strong offer without industrial action being taken," Gandy added in a statement. The project in Western Australia, along with the Gorgon and Wheatstone LNG facilities of Chevron Corp (CVX.N), account for about one-tenth of global supplies. Workers at Chevron's facilities are also considering industrial action, and the combined threats had supported LNG prices over the past few weeks. The Woodside workers unions had threatened to strike as early as Sept. 2 unless their demands for better pay and conditions were met. Asia spot LNG prices remained supported at above $14 per million British thermal units at Wednesday's close, with traders still cautious about LNG supplies from Australia.

Persons: Chris Helgren, Brad Gandy, Woodside, Gandy, Warren Patterson, Saul Kavonic, Renju Jose, Florence Tan, Sonali Paul, Stephen Coates, Miral Organizations: Woodside Energy, REUTERS, Rights, Woodside, North West Shelf, Workers, Chevron Corp, Chevron, North West, Australia . Energy, Thomson Locations: Vancouver , British Columbia, Canada, Rights SYDNEY, SINGAPORE, Western Australia, Woodside, Asia, Wednesday's, Australia, Sydney, Singapore

☆ Woodside Energy CEO discusses gas strike talks
▼ + stars: | 2023-08-22 | by ( ) www.cnbc.com time to read: 1 min

Share Share Article via Facebook Share Article via Twitter Share Article via LinkedIn Share Article via EmailAustralia gas strike talks: Discussions with workforce have been constructive, says Woodside EnergyMeg O'Neill, CEO of Woodside Energy, discusses Australian unions' plan to strike at gas platforms, and says the company is optimistic about being able to avoid any significant industrial action, adding "but again, at the end of the day that'll be the unions' call if they want to use some of those levers that are available to them."

Persons: Energy Meg O'Neill Organizations: Australia, Energy, Woodside Energy

It's likely that workers at the Chevron (CVX.N) plants will join their Woodside colleagues in authorising industrial action, which could then be launched with a seven-day notice period. The worst-case scenario is that industrial action is prolonged and forces a total shutdown of the three plants. The most likely outcome for the time being remains limited industrial action, ongoing negotiations and an eventual settlement that sees the unions get some of what they want, most likely in exchange for some longer-term guarantees. LNG imports by Asia, Europe vs spot Asia priceASIA IMPORTS RISINGAsia's imports for August are expected to lift to 22.86 million metric tons, according to data compiled by commodity analysts Kpler. This would be up from 21.61 million metric tons in July and would be the strongest month since January's 23.37 million.

Persons: Dado Ruvic, It's, Europe's, Shri Navaratnam Organizations: REUTERS, Rights, Woodside Energy, West, Offshore Alliance, Chevron, Woodside, Kpler, Reuters, Thomson Locations: Rights LAUNCESTON, Australia, Woodside, Western Australia, Asia, Europe, North Asia, ASIA, Japan, South Korea, South, Russia, Ukraine

REUTERS/Florence Tan/File Photo Acquire Licensing RightsSYDNEY, Aug 20 (Reuters) - Unions at Woodside Energy Group's (WDS.AX) North West Shelf offshore gas platforms on Sunday announced plans to strike as early as Sept. 2, which could eventually disrupt shipments of liquefied natural gas (LNG) from top global exporter Australia. The strike threat escalates a long-running dispute between Woodside and workers over pay and conditions on its North West Shelf gas platforms, which feed Australia's biggest LNG plant. Unions in Australia are required by law to give companies seven working days' notice before any industrial action but can elect to call off any action before then. "Offshore Alliance members don’t take industrial action lightly, but Woodside is really leaving them with little choice here." Workers there on Friday began voting on whether to grant unions permission to call for strike action, with the first results due by Thursday.

Persons: Florence Tan, Woodside, Brad Gandy, Alasdair Pal, Lewis Jackson, Sonali Paul, William Mallard Organizations: Woodside Energy, World Gas, REUTERS, Rights, West, Sunday, Australia, North West Shelf, Unions, Offshore Alliance, Maritime Union of Australia, Australian Workers ' Union, Woodside, Workers, Thomson Locations: Daegu, South Korea, Woodside, Australia, Sydney

For investors who had expected more economic strife, sticking to those calls has become increasingly difficult. "It's going to take longer for rates to rally," said John Madziyire, senior portfolio manager and head of U.S. Treasuries and TIPS at Vanguard Fixed Income Group. "Recession or no recession, we think the probability of higher-for-longer interest rates is far greater than the likelihood of near-term cuts," credit investment firm Oaktree Capital said in a recent note. A re-acceleration in inflation could lead to higher rates than the market has priced in. Some are navigating the uncertainty by combining exposure to higher-yielding short term bonds with long-term bonds in case of a downturn.

Persons: –, Felipe Villarroel, John Madziyire, Oaktree Capital, Danielle Poli, Anthony Woodside, Woodside, Stephen Dover, Chip Hughey, Davide Barbuscia, Richard Chang Organizations: Bond, Federal Reserve, TwentyFour Asset Management, Bank of, Fitch's U.S, Treasury, Oaktree, Fund, Reuters, U.S, Franklin Templeton Investment Solutions, Truist Advisory Services, Vanguard, Thomson Locations: U.S, Oaktree

Chevron and Woodside negotiated with unions on Tuesday to avert potential industrial action over pay and conditions at Australian facilities that supply about 10% of the LNG market. Meanwhile, workers at three Chevron facilities, Gorgon, Wheatstone platform and Wheatstone downstream, will vote on potential industrial action after the industrial umpire approved the ballots. Even if members vote for industrial action, the unions will still have discretion over whether to call for any. Possible industrial action could range from 30-minute work stoppages all the way to complete strikes. Employers must be given seven days' notice before industrial action.

Persons: Florence Tan, Saul Kavonic, Lewis Jackson, Bernadette Baum Organizations: Woodside Energy, World Gas, REUTERS, Chevron, Woodside Energy Group, Woodside, Reuters, Workers, West Shelf, Offshore Alliance, Credit Suisse, Thomson Locations: Daegu, South Korea, Woodside

A general view shows a special ship, "Neptune", the floating liquefied natural gas terminal, during the inauguration of the Liquefied Natural Gas (LNG) terminal 'Deutsche Ostsee' in the port of Lubmin, Germany January 14, 2023. REUTERS/Annegret Hilse/File PhotoLAUNCESTON, Australia, Aug 14 (Reuters) - The comfort that had characterised natural gas markets in Asia and Europe in recent months was shown to be a mere illusion by the threat of strike action at three major Australian liquefied natural gas (LNG) plants. Benchmark Dutch natural gas prices jumped 28.3% from the close on Aug. 8 to the finish on Aug. 10 as reports of the looming strike action spooked the market. Woodside and Chevron are engaging in talks with labour unions at the LNG facilities, and it's not yet clear what form any strike action would take, assuming no agreement can be reached. Europe's LNG imports in contrast have been trending lower as the continent's natural gas storages remained elevated and demand shifts structurally lower as countries move to reduce reliance on fossil fuels.

Persons: Annegret, Tom Hogue Organizations: REUTERS, Woodside Energy, Chevron, West Shelf, Benchmark, South Korea, China, Reuters, Thomson Locations: Lubmin, Germany, LAUNCESTON, Australia, Asia, Europe, Western Australia, North Asia, Woodside, Chevron, Ukraine, Japan, South Korea, Qatar, United States

☆ Asia stocks slip as US CPI fails to enthuse; dollar up
▼ + stars: | 2023-08-11 | by ( Tom Westbrook | ) www.reuters.com time to read: +4 min

Passersby are reflected on an electric stock quotation board outside a brokerage in Tokyo, Japan April 18, 2023. The yen touched a six-week low of 144.89 per dollar in early trade on Friday, though volumes were thinned owing to a public holiday in Japan. Its stock markets were closed and Treasuries went untraded in the Asia session. MSCI's broadest index of Asia-Pacific shares outside Japan (.MIAPJ0000PUS) edged 0.2% lower and headed for a 1% weekly loss. In stock markets, Chinese property stocks were taking a fresh beating on giant developer Country Garden (2007.HK), which is struggling with its debts, forecasting a $7.6 billion net loss in the first half.

Persons: Issei Kato, Treasuries, Mary Daly, Andrew Lilley, Sally Auld, JB, Tom Westbrook, Muralikumar Organizations: REUTERS, U.S ., Headline U.S, CPI, San Francisco Fed, Yahoo Finance, U.S . Treasury, HK, Star Entertainment, Chevron, Thomson Locations: Tokyo, Japan, U.S, Asia, Pacific, Sydney, New York, Hong Kong, Alibaba, HK, New South Wales, Woodside, WDS.AX

☆ Morning Bid: Bonds droop as inflation cheer fades
▼ + stars: | 2023-08-11 | by ( ) www.reuters.com time to read: +3 min

The German share price index DAX graph is pictured at the stock exchange in Frankfurt, Germany, August 1, 2023. Perhaps ask your friendly bond dealer, as traders in the world's deepest market quickly got over their excitement at steadying inflation, which held at 0.2% month-on-month. Yields went up along the curve, even if markets took the risk of another rate hike next month down a little. Yet the U.S. dollar held gains made overnight and took the yen back near levels that prompted intervention last year. Stocks there were back under pressure during Friday, with Alibaba (9988.HK) handing back gains on its solid result and property stocks sliding.

Persons: Tom Westbrook, Stocks, Treasuries, Joe Biden, Philip Lowe, Michelle Bullock, Jacqueline Wong Organizations: REUTERS, Staff, U.S ., HK, Chevron, PPI, Thomson Locations: Frankfurt, Germany, Asia, untraded, Tokyo, China, HK, Australia, Woodside, WDS.AX, Europe, joblessness

☆ Oil dips as demand concerns mount; eyes on US inflation data
▼ + stars: | 2023-08-10 | by ( Muyu Xu | ) www.reuters.com time to read: +3 min

U.S. crude inventories (USOILC=ECI) rose by 5.9 million barrels in the last week to 445.6 million barrels, compared with analysts' expectations in a Reuters poll for a 0.6 million-barrel rise, U.S. Energy Information Administration data showed on Wednesday. U.S. crude oil exports fell by 2.9 million barrels per day last week, the steepest fall on record, to 2.36 million barrels per day (bpd), according to the data. Concerns over LNG supply drove European gas prices to a nearly 2-month high on Wednesday and buoyed the demand outlook for diesel as alternative fuel. However, oil prices remained supported by supply tightness worries as tensions between Russia and Ukraine in the Black Sea region could threaten shipment of Russian oil. Top exporter Saudi Arabia's plans to extend its voluntary production cut of 1 million barrels per day for another month to include September.

Persons: Johan Sverdrup, Carina Johansen, NTB, Brent, Phil Flynn, Priyanka Sachdeva, Phillip Nova, Jun Rong, Muyu Xu, Laura Sanicola, Muralikumar Organizations: West Texas, U.S . Energy, Price Futures, Index, CPI, Woodside Energy Group, IG, Saudi, Thomson Locations: North, China, U.S, ., United States, Chevron, Russia, Ukraine, Saudi Arabia, Singapore, Washington

☆ European gas prices jumped nearly 40% on Australia supply fears — and analysts expect further rises
▼ + stars: | 2023-08-10 | by ( Sam Meredith | ) www.cnbc.com time to read: +2 min

Liquefied natural gas (LNG) storage units at Grain LNG importation terminal, operated by National Grid Plc, on the Isle of Grain on August 22, 2022 in Rochester, England. Energy analysts believe the bullish momentum for European natural gas prices will persist over the coming months after futures jumped almost 40% on Wednesday. Fears over possible supply disruption in Australia saw the front-month gas price at the Dutch Title Transfer Facility (TTF) hub, a European benchmark for natural gas trading, hit its highest level since mid-June on Wednesday. The surge in gas prices came on news of a potential liquefied natural gas (LNG) facility strike at major plants in Australia as workers campaign for higher pay and improved job security. "Looking ahead, we expect the bullish outlook for gas prices to continue with fewer LNG imports to Europe, planned maintenance for Norwegian pipelines and continued heatwaves in multiple regions globally," Luo said.

Persons: Luo Organizations: National Grid, Energy, New York Mercantile Exchange, Rystad Energy, Woodside Energy Group, LNG Locations: Isle, Rochester , England, Australia, U.S, Europe, Chevron, China, Japan

☆ Natural gas prices are spiking again. Here’s why
▼ + stars: | 2023-08-10 | by ( Olesya Dmitracova | ) edition.cnn.com time to read: +3 min

London CNN —Natural gas prices have spiked again this week, just as Europe prepares for the heating season. The price of Dutch natural gas, the European benchmark, has jumped 24% to €40 ($44) per megawatt hour since Tuesday on news of potential industrial action at liquefied natural gas (LNG) plants in Australia. US natural gas prices have climbed 18% so far this month. “As much of the spare LNG supply comes from the US, natural gas prices there have also jumped higher,” he added. The sudden rise in gas prices follows a recent run-up in oil prices, driven by production cuts by major exporters such as Saudi Arabia and Russia.

Persons: Brad Gandy, Tom Marzec, ”, Russia —, Bill Weatherburn, Brent, Weatherburn, Massimo Di Odoardo, Wood Mackenzie, “, Woodside, — Hilary Whiteman Organizations: London CNN, Offshore Alliance, Chevron, North West, Woodside Energy Group, Facebook, CNN, —, Capital Economics, European Union, Asia —, Reuters Locations: Australia, Europe, Russia, Ukraine, Norway, LNG, United States, Qatar, Moscow, Saudi Arabia, Marzec, “, Asia, Asia — Japan, —, Brisbane

☆ Chevron, Woodside in talks to avert strikes at Australian LNG operations
▼ + stars: | 2023-08-10 | by ( Renju Jose | ) www.reuters.com time to read: +3 min

Concerns over potential industrial action at three Australian LNG operations - North West Shelf, Gorgon and Wheatstone - sent European gas prices to a nearly 2-month high on Wednesday. Any industrial action would disrupt Australia's LNG exports and increase competition for the super-chilled fuel, forcing Asian buyers to outbid European buyers to attract LNG cargoes. About 99% of workers at offshore platforms that supply gas to the Woodside-operated North West Shelf LNG plant, Australia's biggest LNG plant, have voted in favour of a planned strike. Chevron said it was reviewing the applications from the union to Australia's independent Fair Work Commission (FWC) over planned strikes at its Gorgon and Wheatstone LNG plants. Gorgon, the country's second largest LNG plant, has capacity of 15.6 million metric tons a year and Wheatstone 8.9 million.

Persons: David Gray, Gorgon, Wheatstone, Brad Gandy, Woodside, Renju Jose, Jacqueline Wong, Sonali Paul Organizations: Woodside Petroleum, REUTERS, Northwest Shelf, Chevron, Woodside Energy Group, North West, North West Shelf, LNG, West Shelf, Offshore Alliance, Shell, Wheatstone, Thomson Locations: Sydney, Australia, SYDNEY, Japan, Woodside, Chevron

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