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Oil and Gas Prices Rise Due to Supply Concerns
Alright, where do I commence? The economic sanctions implemented by the United States and its allies against Russia in response to the intensification of the Ukrainian conflict in the previous year, along with antagonistic measures taken by specific Western nations such as the dismantling of the Nord Stream pipelines, have resulted in the substantial disruption of the supply of affordable Russian natural gas to numerous European countries.
The potential occurrence of a labor strike at offshore installations in Australia seemingly resulted in an increase in gas futures prices in Europe today.
The previous week witnessed the announcement of trade unions affiliated with Woodside Energy Group’s North West Shelf offshore gas platforms regarding their intention to initiate a strike, potentially commencing September 2.
Certain media sources have issued cautionary statements regarding the potential for this advancement to cause disturbances in the supply of liquefied natural gas originating from Australia.
The potential occurrence of the strike and the possibility of the employers resolving with the union is currently uncertain.
However, it is noteworthy that the September gas futures on the Title Transfer Facility (TTF), a virtual gas trading market-based in Amsterdam…
