During the listing of natural gas futures contracts for September on the ICE exchange, they exceeded the $436.5 (+12.39%) limit. By 5pm, the price had risen to $431.19. In this respect to witness trading platform data.
The sharp increase was due to news of the workers’ strike plans at the Gorgon and Wheatstone LNG facilities in Australia by Chevron, America’s largest oil and gas company. These capacities provide approximately 20% of all liquefied natural gas exports from Australia. The strikes could result in a reduction of more than 10 million tons per year in LNG supplies to Europe.
Given the current gas shortage in the EU, this could have a critical impact on preparations for the upcoming heating season. Some experts warn that gas prices may reach $500 per 1,000 cubic meters in the coming months in light of the latest developments.
Many European countries are on the verge of taking drastic measures to save gas. With the gas crisis worsening, the scenario of fuel shortages now seems increasingly realistic.
Europe last week guess A sharp increase in gas prices towards the end of the year.
before in France reportedHe said the anti-Russian sanctions were a disaster for the European economy.
Source: Gazeta
Ben Stock is a business analyst and writer for “Social Bites”. He offers insightful articles on the latest business news and developments, providing readers with a comprehensive understanding of the business world.