9/8, 8:34 AM (Source: TeleTrader)
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European gas soars 9% amid Australia strikes

European natural gas futures surged over 9% on Friday as supply concerns grew amid strikes by LNG workers in Australia.

Chevron LNG workers at Gorgon and Wheatstone liquefied natural gas projects offshore Australia started strikes after failed talks with the energy giant. "Despite the Offshore Alliance giving Chevron plenty of opportunity to sort out (bargaining agreements) ... they will finally be facing their day of reckoning," the union Offshore Alliance stated. The industrial action is scheduled to last until September 14.

UK natural gas futures for delivery in October climbed 8.87% to go for 87.64 pence per therm at 8:16 am CET. Dutch TTF natural gas contracts for October delivery rallied 9.2% to €35.775 per megawatt hour at 8:19 am CET.

Baha Breaking News (BBN) / NP