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Global gas markets in a perfect storm

Global gas markets in a perfect storm

Gorgon and Wheatstone Australia employees supply 5% global gas. On Thursday they extended the strike beyond the six-day period originally agreed. According to industry experts, workers’ unions can continue to strike for up to 24 hours each day and refuse to load tankers and shipments.  

Norway is still determined to work on the supply chain to deliver natural gas to Europe, while also working to decarbonize their energy systems.  

Espen Barth EideNorway’s Minister of Climate and the Environment, stated: 

We think it’s strategically important that we uphold these deliveries while there is still use but we also work for the elimination of use, for the transition from natural gas. 

Tomasz Marcin Kowalski, a gas analyst, stated that: 

The UK and Europe are experiencing warm weather and high wind speeds, which will reduce the demand for gas. 

Despite the Australian strikes and Norwegian outages, Europe’s gas storage sites remain more than 93.3% full, according to the latest data from Gas Infrastructure Europe.

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This is exacerbated by the Russia/Ukraine conflict and the decreased opportunity for Europe in purchasing Russian gas.  

As a…

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