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TTF Surges as Australia Strike Decision Possibly Not Before Friday

NATURAL GAS

Front month TTF spikes higher again with no news yet regarding any progress in talks to avert strike action at Australian LNG facilities.

    • TTF SEP 23 up 15.9% at 39.9€/MWh
    • TTF WIN 23 up 9.4% at 53.75€/MWh
    • TTF SUM 24 up 7.1% at 54.16€/MWh
    • TTF WIN 24 up 5.8% at 56.95€/MWh
  • The Offshore Alliance, a coalition of the unions, said on social media on Tuesday that members at the Chevron sites would begin voting "over the next week". Employers must be given seven days' notice before industrial action.
  • While there had been “some progress” in the negotiations, the two sides were still “nowhere close enough to an agreement and the inevitability of a strike is getting greater” according to a Montel source. The source suggested a final decision was not expected until at least Friday.
  • Possible industrial action could range from 30-minute work stoppages all the way to complete strikes.
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