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Gas Prices Ease As Demand Outweighs Supply Concerns

LNG

European LNG prices fell 2.6% on Tuesday to EUR 34.90 as weak demand outweighed supply disruptions from the ongoing Chevron dispute in Australia and outages continuing in Norway due to prolonged maintenance. Prices are down slightly so far in September and reached a peak of EUR 37.95 on Monday. North Asian prices remain steady but there are signs China is buying again, which if sustained could put upward pressure on prices.

  • Yesterday the Fair Work Commission (FWC) held a directions hearing but applications were not determined. The case is not due to be heard until September 22.
  • Chevron applied for an intractable bargaining declaration (IBD), which the unions have opposed. The Union Alliance wishes to continue striking until it has reached a deal with Chevron. The FWC can make an IBD if bargaining has been taking place for a minimum of nine months and if “there is no reasonable prospect” that a deal will be reached without one.
  • Industrial action is to be intensified from Thursday with 24 hour disruption due to begin, which is expected to impact exports. Unions have said they won’t affect domestic supplies.
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