Gas Market Gas markets on Tuesday were essentially flat day on day. The front month, October, opened in positive territory before news hit the market that Chevron, the owner of the Australian LNG facilities, asked the Fair Work Commission to intervene in the negotiations with unions. In Australia the Fair Work Commission can force the […]
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Ongoing strike actions at two Australian LNG facilities
Gas Market On Monday, UK gas prices began their ascent and continued to push higher throughout the day. This occurred in tandem with ongoing strike actions at two major Australian LNG facilities, perhaps exacerbated by Chevron’s request for regulatory intervention. The front month contract October hit a high of 94.11p before eventually settling at 89.81p, […]
The gas markets have opened with a bullish intent this morning
Gas Market Strike action commenced at Chevron’s Gorgon and Wheatstone LNG plants on Friday with industrial action set to step up to 24-hour stoppages from Thursday. The interruptions may not impact production for the first few days of the week but gas markets in Europe reacted to the news on Friday and near NBP curve […]
Talks to avert LNG strike action have broken down
Gas Market The gas markets across Europe remained on edge yesterday as talks continued between unions and management to prevent industrial action at Chevron’s LNG plants in Australia. NBP futures traded back and forth through the morning session, but it was the front month that experienced the most volatility as October traded between a high […]
Oil prices continue their recent upward trend
Gas Market Tuesday saw prices take stock of Monday’s sell off as a choppy market closed the session with minor increases across the board for all forward contracts. The market fell in early trading as the sell off looked likely to continue across the day. However, news reached the market by lunchtime that the strike […]
On Monday, the UK gas market witnessed the unwinding of risk premium
Gas Market On Monday, the UK gas market witnessed the unwinding of risk premium, primarily impacting near term contracts, which contracts further along the curve appeared more resilient to the downward pressure. The front month contract Oct-23 lost 5.51p to settle at 81.25 pence per therm while Winter-23 shed 3.82p to end the day at […]
Over the weekend Norway’s gas exports dropped to one of the lowest levels in many years
Gas Market The UK gas market displayed stability on Friday, with NBP contracts trading within a narrow range compared to the previous session. The front month contract October saw a marginal gain of 1.03p, settling at 86.76p, while the Winter 23 contract closed 0.13p higher at 124.55 pence per therm. One of the key focal […]
UK gas market is grappling with limited liquidity
Gas Market The risk premium that had been present in the UK gas market saw a decline during yesterday’s session, with the remaining months of the year loosing 9.89p on average. This decline not only erased the gains achieved in the previous three sessions but also resulted in the majority of contracts shifting into negative […]
UK gas markets settled higher for the third day in a row
Gas Market The UK gas markets settled higher for the third day in a row but gains yesterday were marginal and NBP futures are still on course to post a loss for the week. The market opened softer but early losses were reversed over the course of the session as Norwegian outages raised concerns of […]
Threat of Hurricane Idalia could hit crude oil supplies in an already tightening market
Gas Market NBP futures settled marginally higher on Tuesday after markets were closed on Monday for the UK bank holiday when news broke that Chevron’s two major liquefied natural gas (LNG) production facilities in Australia could face daily work stoppages of up to 10 hours next week. Chevron’s Gorgan and Wheatstone projects account for more […]
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