Australian Strike Uncertainty Prompts TTF

TTF recovers ground Monday as uncertainty around the Australian strike situation remains.

• The threat of strikes at some Australian LNG plants remains the main market driver amid pay disputes between Chevron and union officials, as unions endorsed action at the company’s Gorgon and Wheatstone facilities.
• Some 37 workers at the Wheatstone offshore platform on Monday decided in favour of industrial action, joining peers at another Wheatstone unit and the Gorgon facility.
• Strikes aren’t guaranteed, and the unions must give Chevron seven working days notice before beginning industrial action.
• Outages at Chevron’s two facilities would threaten about 5% of global LNG supply.
• Prices had retreated last week after Woodside made a breakthrough with unions last week, avoiding strikes that could have shut one of their plants.
• Upcoming important dates according to Bloomberg reports:
• Aug. 31: Deadline for workers to vote on Chevron’s proposed enterprise agreement on pay and other matters, which the unions oppose
• Sept. 1: Deadline for Woodside and unions to agree to a final deal.
• Lower gas flows from Norway add to European gas risk as expected maintenance takes place. Supplies from the giant Troll field were halted Saturday.
• TTF SEP 23 up 3.1% at 35.85€/MWh
• TTF WIN 23 up 1.5% at 49.78€/MWh