Australian supply risks hang over the gas market

European gas storage is in a strong position with storage levels hitting a record high of 92%, surpassing the European Commission's target, while Australian strike action poses an upside risk for the market, potentially driving prices higher than expected.

ing.com

Relevant topic timeline:

9/8/2023

Australian LNG Strikes Send European Gas Prices Jumping 10%

European gas prices surged as workers at Australian natural gas facilities went on strike, raising concerns about global supply shortages. The strike, which is a result of failed negotiations over pay and job security, could potentially lead to a two-week halt in production.

9/12/2023

Gas Prices Face Volatility This Winter Amid Australian Strikes and Uncertainty Over Russian Supply

European gas markets are expected to experience more volatility and higher prices as preparations for the winter heating season are underway, with disruptions caused by strikes at major liquefied natural gas (LNG) facilities in Australia leading to increased competition for LNG from other suppliers in Asia and Europe.