Natural gas prices in Europe rose more than 10% on Friday as strikes at LNG facilities in Australia hit, reducing global supplies.
The natural gas price per megawatt-hour for October contracts in Europe, trading on the Netherlands-based virtual natural gas trading point (TTF), increased 10.5% to €36.20 ($38.70) on Friday from €32.75 ($35) at Thursday's closing.
Chevron's LNG facilities in Australia provide about 5% of the global LNG supply.
A strike by employees at Chevron's LNG plants in Australia demanding improved working conditions and wages led to a rise in natural gas prices in Europe.
Australia holds the title of the world's largest LNG exporter, with 80.9 million tonnes of LNG exported last year, accounting for a 20.1% share of the global LNG trade.
Although Australia only provides a small quantity of LNG directly to Europe, the region's increased reliance on LNG imports has come as a result of the dramatic decline in Russian gas exports to the continent after the start of the Russian-Ukrainian War.
As a result, LNG supply difficulties on the global market directly influence gas prices in Europe, exacerbating supply uncertainties and resulting in significant price volatility.
Reporting by Ata Ufuk Seker in Brussels
Writing by Basak Erkalan
Anadolu Agency
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