The price of Dutch natural gas, the European benchmark, has jumped 24% to €40 per megawatt hour since Tuesday on news of potential industrial action at liquefied natural gas plants in Australia. US natural gas prices have climbed 18% so far this month. The Offshore Alliance, which represents two Australian labor unions, has taken steps toward strike action at Chevron\n \n ’s Gorgon and Wheatstone LNG sites, Brad Gandy, a spokesperson for the alliance, said in a statement.
‘Bidding war’ for US gas? Bill Weatherburn, commodities economist at Capital Economics, said that if Australian LNG exports were disrupted, Asian and European buyers could find themselves “in a bidding war” for cargoes. “As much of the spare LNG supply comes from the US, natural gas prices there have also jumped higher,” he added. The sudden rise in gas prices follows a recent run-up in oil prices, driven by production cuts by major exporters such as Saudi Arabia and Russia.
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