Rising Supply Risks Boost European Natural Gas Futures by 40% European natural gas prices surpassed 40 euros for the first time since June as the risk to liquefied natural gas supply increases due to possible strikes in Australian factories. Benchmark natural gas futures surged by 40% on Wednesday, marking the largest increase since March 2022 and extending the upward trend from the previous two trading days.
This highlights the market's nervousness about the supply situation, with oil and coal prices also rising. Employees of Chevron and Woodside Energy Group Ltd. voted in favor of strikes in Australian factories. This strike could potentially affect Australia's liquefied natural gas exports amid global competition for gas. The timing and whether the strike will take place remain unclear.