TTF Rises Back Above €40/MWh

TTF front month has increased gains throughout the afternoon to above €40/MWh, but remains below highs seen early in the morning. European gas prices opened higher today following an increased likelihood of industrial action at Woodside’s LNG facility in Australia and a decline in Norwegian gas supplies to Europe.

• TTF SEP 23 up 11.2% at 40.5€/MWh
• TTF traded at an intra-day high of €42.90/MWh in the early morning before easing back to a low of €37.98/MWh.
• Workers at Woodside Energy’s North West Shelf LNG export plant have endorsed to take industrial action if a dispute over an enterprise bargaining agreement is not resolved by Wednesday, meaning workers could start industrial action as early as 2 September according to the Offshore Alliance. At Chevron, workers at the Gorgon and Wheatstone downstream facilities began voting on possible industrial action on Friday. Employees at the Wheatstone offshore platform are scheduled to start voting today.
• Norwegian pipeline supplies to Europe are down to 301mcm/d today compared with last week’s average of 320.33mcm/d according to Gassco.