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There is a bit of risk at the moment in the wholesale market with Australian Strikes, coupled with Norwegian supply restrictions, which has led to some volatility over the last few days. This is somewhat of a concern should it continue for a period of time as the strikes will affect around 5% of Global LNG supply pushing prices up and we rely on around 60% of our import needs from Norway. (Elec prices also follow Gas).
‘NBP prices continue their upwards trajectory this morning following news earlier today that, despite weeks of negotiations, strike action will go ahead at Chevron’s Gorgon and Wheatstone LNG plants in Western Australia. The two facilities will start to see rolling stoppages and production limitations starting on September 7th,resulting in enhanced competition between European and Asian markets as both struggle to secure LNG cargoes ahead of winter’
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