Australian Unions Give Strike Notice to Chevron

Union workers at Chevron’s LNG sites in Australia gave notice on Monday to resume strike action, after both sides failed to reach an agreement despite the intervention of Australia’s labour regulator according to Bloomberg.

• Unions gave notice that members will begin industrial action at the company’s Gorgon and Wheatstone plants in seven working days, said an official from Offshore Alliance, cited by Bloomberg.
• Workers voted last week to resume industrial action after Chevron failed to finalise an agreement on pay and conditions including recommendations by the Fair Work Commission.
• The two LNG facilities made up 6-7% of global LNG supply last year. However, previous strike action in September did not result in disruptions to exports from the facilities.
• The announcement by the unions was previously announced and therefore did not further did not add additional support to TTF. European gas prices had already surged today because of a leak and halt to the undersea Baltic pipeline between Finland and Estonia and rising oil prices due to Middle Eastern tensions.
  • TTF NOV 23 up 11% at 42.44€/MWh