Unions warned on the weekend that industrial action could start as soon as September 2 at a Woodside LNG facility if no deal is reached in pay talks on Wednesday.
| European natural gas jumped to a two-month high as workers at export facilities in Australia prepare for strikes that could significantly dent global supplies in the run-up to winter., a prospect keeping traders in Europe on edge. The region is still recovering from last year’s energy crisis, when Russian supply cuts left it highly exposed to shifts in the tight global market.
There should be more clarity later this week after further talks, but the price rally might be short-lived for now, given Europe’s high gas storage and tepid demand, analysts at ING Groep said in a note. This will change only if a large part of Australian capacity goes offline, and for a prolonged period of time — at least a month or two, they added.Gas prices are still far from the highs of last year’s crisis, as Europe is well-stocked for winter and rarely receives fuel from Australia.
Initial news reports on the possibility of looming strikes boosted intraday prices by as much as 40 per cent earlier this month, reflecting the intensity of market jitters as Europe prepares for colder months. The continent has faced outages from its own top producer, Norway, while traders have turned more bullish.
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