2023-08-10 08:58:13 ET
- Chevron ( NYSE: CVX ) and Woodside Energy ( NYSE: WDS ) said Thursday they are holding talks with unions , seeking to avert potential strikes over pay and conditions at facilities that together supply ~10% of the global liquefied natural gas market.
- Concerns over threatened strikes at Woodside's ( WDS ) North West Shelf offshore gas platforms and Chevron's ( CVX ) Gorgon and Wheatstone LNG plants sent European natural gas prices surging nearly 40% on Wednesday.
- Dutch and British wholesale gas prices retreated Thursday from the two-month intraday highs reached the previous day.
- ETFs: ( UNG ), ( UGAZF ), ( BOIL ), ( KOLD ), ( UNL ), ( FCG )
- Woodside ( WDS ) said it is engaging in the bargaining process with unions, and "progress is being made and the parties have reached an in-principle agreement on a number of issues that are key to the workforce."
- North West Shelf, Australia's biggest LNG plant, has an export capacity of 16.9M metric tons/year, while Gorgon, the country's second largest LNG plant, has capacity of 15.6M tons/year and Wheatstone can export 8.9M tons/year.
- Japanese and South Korean firms are the biggest buyers of liquefied natural gas from the North West Shelf project, while LNG from the Gorgon and Wheatstone plants mostly goes to Japan.
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Australian LNG producers in talks to avert strike; European natgas prices ease