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Gas Markets Waver Between Weak Demand & Supply Disruptions

LNG

European LNG prices fell 5% on Monday to close at EUR33.85 after rising 5.3% on Friday. They broke below EUR33 very briefly to reach an intraday low of EUR32.93. Details on how strike action at Australia’s Chevron’s Gorgon and Wheatstone export facilities will be escalated didn’t impact the market in late trading due to subdued gas demand from weak IP growth. How the dispute unfolds in coming days may impact LNG prices with the northern hemisphere winter approaching despite high storage rates.

  • Industrial action could begin at Chevron’s facilities from September 7. Currently the Fair Work Commission is mediating between the company and unions to find an agreement on pay and conditions before then. This action will involve stoppages of up to 11 hours per day in the first week but unions have now said that action will be escalated from September 14 to “rolling 24 x 1 hour stoppages, each day for 14 days”. Gorgon and Wheatstone account for around 7% of global LNG supply according to Bloomberg.
  • Gas supplies from Norway remain impacted by planned and unplanned maintenance.
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