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.
Jacob Mandel Senior research associate for global energy markets at Aurora Energy ResearchFears of strike in Australia, one of the world's biggest exporters of liquified natural gas (LNG), have recently pushed up European gas prices — and analysts expect near-term volatility to persist.
Jacob Mandel, senior research associate for global energy markets at U.K.-based consultancy Aurora Energy Research, said the global natural gas market was currently "very tight" and "very little supply flexibility" means that strike action in Australia could send European gas prices higher.
He said that European gas prices could climb to above 40 euros ($42.9) per megawatt hour if the strikes go ahead as planned.
The front-month gas price at the Dutch Title Transfer Facility (TTF) hub, a European benchmark for natural gas trading, traded at 33.5 euros on Tuesday.
Persons:
Dan Kitwood, Jacob Mandel, Mandel, we've, Ramesh, Wheatstone, Henning Gloystein, Gloystein
Organizations:
National Grid, Getty, CNBC, Chevron, Offshore Alliance, Wheatstone, Fair, Aurora Energy, Aurora Energy Research, videoconference, Rystad Energy, Europe, EU, Eurasia Group
Locations:
Isle, Rochester , England, Western Australia, Chevron Australia, Australia, Europe, Japan, Korea, wean, Ukraine, Russia