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Gas Markets Remain Wary Of Weather And Geopolitics

LNG

European LNG prices rose 3.1% on Wednesday to close above EUR 50 again but they are down slightly on the week as Israel’s ground offensive is on hold for now. In October to date they are 21.4% higher on the back of increased geopolitical tensions and the closure of a LNG platform off the coast of Gaza. Going into the northern hemisphere winter, gas markets are sensitive to any supply disruptions and weather forecasts.

  • Ship tracking data is showing that gas shipments to Europe from Egypt have already been impacted by the Israel/Gaza conflict, according to ANZ. Despite internal and external pressure, Israeli PM Netanyahu’s suggested there would still be a ground offensive into Gaza.
  • After a short period of industrial action, Chevron and Australian unions came to an agreement, which workers will vote on. Unions have not said when the ballot will take place. The agreement includes not just a pay rise but fixed rosters and increases to field loadings.
  • US LNG prices rose 1.9% on Wednesday to be up 3.9% this week and 2.9% in October to date.
  • North Asian prices rose 0.6% yesterday and are 22.7% higher on the month. Gains may be limited though as Japanese inventories have risen strongly.
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