Natural Gas News – August 24, 2023
Natural Gas News – August 24, 2023
Natural Gas: Stubborn Heat Vs. Power-Killing Storms
Summer heat isn’t giving up, not even in late August That could keep air-conditioning demand, and power burns up next four to six weeks Hurricane season is also here, with the potential for more storms in the Gulf of Mexico Storms can strike power grids, gas pipelines, causing widespread power outages Mother Nature is playing a double game with the natural gas market. The question is, which one will win? On one end, the summer heat isn’t giving up, not even in late August amid the approach of the Sept 4 Labor Day holiday that unofficially ushers in the fall season. That could keep air-conditioning demand and — most importantly — power burns up over the next four to six weeks. On the other side, the Atlantic hurricane season is already here, with the potential for more storms to emerge in the warm waters of the Gulf of…
Woodside, Unions Reach Deal at Australian LNG Facility
SYDNEY/SINGAPORE, Aug 24 (Reuters) – Woodside Energy (WDS.AX) on Thursday reached an in-principle agreement with unions at Australia’s largest liquefied natural gas (LNG) project, potentially averting a disruption to supplies from one of the world’s biggest exporters of the super-chilled fuel. The agreement caused a sharp fall in Dutch and British wholesale gas prices on Thursday, with the benchmark Dutch September contract shedding 11.5%, after hitting a two week-low earlier. The project in Western Australia, along with the Gorgon and Wheatstone LNG facilities of Chevron Corp (CVX.N), account for about one-tenth of global supplies. Both Woodside and the union alliance representing workers at the offshore platforms of its North West Shelf facility announced the initial deal in separate…
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