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Gas Prices Remain Sensitive To Global Supply News

LNG

European gas prices rose 12.5% to EUR 43.00. They reached an intraday peak of EUR 44.62, the highest since late last month, driven by supply concerns which were particularly impacted by heightened tensions in the Middle East. North Asian gas prices rose 0.6%.

  • There were a number of supply events on Monday. A leak was found in a pipeline in the Baltic Sea which provides gas to Finland and Estonia. Notice of industrial action was given at Chevron’s North West shelf facilities in Australia due to worker impatience with the company’s progress on the agreed deal.
  • In terms of the developments in the Middle East, Chevron shut down the Tamar offshore gas field due to fighting in Gaza. It is close enough to northern Gaza to be at risk of rocket fire. The other major field Leviathan remains open. Europe imports gas from Israel through Egypt, according to ANZ. There are also jitters in Europe regarding the proximity of the Suez Canal to the hostilities, which is a major passage for gas shipments.
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