Natural Gas News – August 22, 2023
Natural Gas News – August 22, 2023
Europe’s Natural Gas Prices Soar On Looming LNG Strike In Australia
Europe’s benchmark natural gas prices surged on Tuesday mid-day in Amsterdam as the market is closely watching whether LNG exporters in Australia will manage to avert a workers’ strike that could cripple 10% of global LNG supply. The front-month futures at the Dutch TTF hub, the benchmark for Europe’s gas trading, had jumped by 8.7% to $48.28 (44.35 euros) per megawatt (MWh) as of 12:07 p.m. GMT on Tuesday, as workers and LNG facility owners in Australia continue to discuss a possible resolution to the dispute about pay and work conditions. Woodside, which is negotiating with a workers’ union alongside Chevron, said on Tuesday that it had
“constructively addressed” the concerns of the employees.“I feel like we have kind of constructively addressed a number of their areas of concern,” Woodside CEO Meg O’Neill told …
Natural Gas in Accumulation Phase: When Does Acceleration Start?
New York traded Natural gas was up 3% on Monday, having managed to break away from support again. Natural gas has formed an uptrend from the April lows but has not yet switched to an acceleration phase. Gas prices formed a low in April just above $2 before starting an uptrend, and prices are now 34% above those lows at $2.75. This is a smooth rise, given that US gas prices peaked at almost $10 a year ago, nearly four times higher. This price action looks like a textbook accumulation phase after a capitulation. However, optimists should be aware that such inattention to the rise in gas prices can last long. The uptrend channel originated from the April lows and, since July, has repeatedly acted as a support from which gas buying has intensified. There were attempts to break this trend on…
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