UK gas prices surge amidst threat of strike at Australian LNG plant

Wholesale gas prices surged in Europe today as potential strike at Australia’s North West Shelf LNG plant looms

UK natural gas prices have seen an increase on Monday due to impending strike action by workers involved in a vital export project in Australia.

This strike has the potential to significantly impact global supplies, particularly as the winter season approaches.

Experts stress that the disruption in Australia carries the risk of affecting approximately 10% of the world’s liquefied natural gas (LNG) exports.

The Offshore Alliance union has issued a warning that the strike at the North West Shelf facility could commence as early as 2nd September if no agreement on pay is reached.

This has raised concerns about potential disruptions to the shipment of LNG from Australia, which is a significant global supplier of natural gas.

As a result of these uncertainties, benchmark gas prices for both Europe and the UK observed a rise of approximately 10% on Monday, as reported by Bloomberg.

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