Natural Gas prices are heading higher as overnight talks between Chevron Australia and local union workers broke down. Strikes are inevitable and coul
d end up to a drawdown of supply on global markets. The land ‘down under’ accounts for 10% of the global supply in Liquefied Natural Gas , so an interruption in gas flows from the country could bring a firm squeeze in gas prices if the supply side is unable to cope or replace the missing 10% anytime soon.Natural Gas news and market movers
The strikes will result in brief work stoppages and no overtime. In case no deal is reached before September 14, the plants will completely shut down for two weeks. The Baker Hughes Rig Count data in the US might get a bit more attention to see if the US can supply itself enough when it comes to LNG production. Natural Gas is breaking out and is already trading above the highs seen on Wednesday and Thursday. After weeks of nervous communication, traders can finally head into more binary trade setups as the risk of a full shutdown is just a few days away. With the clock ticking, expect to see gas prices to rise as the risk of lower supply increases.
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