Rolling stoppages and work bans are set to start next week at Chevron’s two key LNG plants in Western Australia, threatening 7 per cent of global gas supply.
European gas rallied sharply after unions gave energy giant Chevron notice that strikes will take place at the two key LNG plants in Western Australia, threatening global gas supply.
ANZ’s senior commodities analyst, Daniel Hynes, said if the industrial action at Chevron was to progress in the upcoming weeks, it would have a “pretty immediate” impact on energy prices given Gorgon and Wheatstone’s contribution to global gas supply. “Europe is in a fairly precarious state, given the upheaval in the energy sector, following Russia’s invasion of Ukraine is still being felt across the globe,” Mr Haynes said.
“The severe supply disruptions that we could potentially see in this case does leave the region in a difficult situation, considering it’s now almost entirely reliant on LNG for its gas consumption there.
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