Natural Gas price heads to the upside on Monday in European trading as talks failed to reach an agreement in Australia. Wage negotiations are going no
where between port authorities and workers in one of the most important LNG terminals in Australia. More workers in ports and terminals across Australia are joining the demand for higher wages, pointing to a possible shutdown of more than 10% of the world supply by the first week of September if there is no agreement.
China’s LNG import growth is set to slow down for the winter, according to Bloomberg gas analyst Daniela Li. China has secured 37 long-term deals in the past two years, which could lead to oversupply by 2024. All eyes are focused on Friday, when the annual Jackson Hole Symposium will be the focal point for the week. In the event, the US Federal Reserve tends to signal a change in its monetary policy going forward. Natural Gas is soaring on the back of the headlines out of Australia, where talks are still ongoing though shutdowns at the start of September look inevitable. The 10% cut in supply as of then is not to be underestimated and already shows how fragile price stability is.
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