Natural gas prices in Europe rose 15% on Tuesday in response to strike fears in a number of liquefied natural gas (LNG) facilities in Australia.
The price of futures contracts for September per megawatt-hour in Europe, trading on the Dutch-based virtual natural gas trading point (TTF), increased from €34.4 on Monday's closing, to €39.4 during the day on Tuesday.
Concerns that production in some LNG plants in Australia, the world's largest exporter of LNG, would be disrupted after employees in some facilities took action to strike caused anxiety in gas markets with supply shortages.
The situation prompted an increase in natural gas prices.
Australia holds its title as the world's largest LNG exporter with 80.9 million tonnes of LNG exports last year, accounting for a 20.1% share of global LNG trade.
Chevron-operated Gorgon and Wheatstone LNG plants and the three offshore producing platforms feeding the North West Shelf terminal, operated by Woodside, face the risk of strike.
The facilities supplying 40.8 million tonnes, constitute half of the country's total LNG export capacity and 10% of global LNG trade volume.
Reporting by Nuran Erkul in London
Writing by Basak Erkalan
Anadolu Agency
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