A perfect storm for the global gas market
<img width="250" height="141" src="https://www.leaprate.com/wp-content/uploads/2023/09/FIN-LP-A-perfect-storm-of-global-gas-shortages-5167689137iStock-1281236997-250×141.jpg" class="webfeedsFeaturedVisual wp-post-image" alt="" decoding="async" style="float: left; margin-right: 5px;" link_thumbnail="" srcset="https://www.leaprate.com/wp-content/uploads/2023/09/FIN-LP-A-perfect-storm-of-global-gas-shortages-5167689137iStock-1281236997-250×141.jpg 250w, https://www.leaprate.com/wp-content/uploads/2023/09/FIN-LP-A-perfect-storm-of-global-gas-shortages-5167689137iStock-1281236997-700×394.jpg 700w, https://www.leaprate.com/wp-content/uploads/2023/09/FIN-LP-A-perfect-storm-of-global-gas-shortages-5167689137iStock-1281236997-768×432.jpg 768w, https://www.leaprate.com/wp-content/uploads/2023/09/FIN-LP-A-perfect-storm-of-global-gas-shortages-5167689137iStock-1281236997-120×68.jpg 120w, https://www.leaprate.com/wp-content/uploads/2023/09/FIN-LP-A-perfect-storm-of-global-gas-shortages-5167689137iStock-1281236997-245×138.jpg 245w, https://www.leaprate.com/wp-content/uploads/2023/09/FIN-LP-A-perfect-storm-of-global-gas-shortages-5167689137iStock-1281236997-500×281.jpg 500w, https://www.leaprate.com/wp-content/uploads/2023/09/FIN-LP-A-perfect-storm-of-global-gas-shortages-5167689137iStock-1281236997.jpg 1365w" sizes="(max-width: 250px) 100vw, 250px" /><p><span data-contrast="auto">The workforce of Gorgon and Wheatstone Australia supply 5% of global gas, and as of Thursday, they extended their strike over the initially agreed six days. According to industry experts, workers’ unions can continue to strike for up to 24 hours each day and refuse to load tankers and shipments. </span><span data-ccp-props="{"201341983":0,"335559739":160,"335559740":259}"> </span></p>
<p><span data-contrast="auto">Norway, however, is determined to continue working the supply chain and deliver natural gas to Europe while simultaneously working to decarbonize its energy systems. </span><span data-ccp-props="{"201341983":0,"335559739":160,"335559740":259}"> </span></p>
<p><span data-contrast="none">Espen Barth Eide</span><span data-contrast="none">, Minister of Climate and the Environment of Norway, noted:</span><span data-ccp-props="{"134233117":false,"134233118":false,"201341983":0,"335559738":0,"335559739":192,"335559740":240}"> </span></p>
<blockquote><p><span data-contrast="none">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.</span><span data-ccp-props="{"134233117":false,"134233118":false,"201341983":0,"335559685":720,"335559738":0,"335559739":192,"335559740":240}"> </span></p></blockquote>
<p><span data-contrast="none">Gas analyst Tomasz Marcin Kowalski stated:</span><span data-ccp-props="{"134233117":false,"134233118":false,"201341983":0,"335559738":0,"335559739":192,"335559740":240}"> </span></p>
<blockquote><p><span data-contrast="none">Warm weather and strong wind speed in the UK and Europe will curb gas for power demand.</span><span data-ccp-props="{"134233117":false,"134233118":false,"201341983":0,"335559685":720,"335559738":0,"335559739":192,"335559740":240}"> </span></p></blockquote>
<p><span data-contrast="none">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.</span></p>
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<p><span data-contrast="auto">This is being compounded by the <a href="https://www.leaprate.com/forex/institutional/russia-defaults-on-foreign-debt-for-a-first-time-in-a-century/" target="_blank" rel="noopener">Russia-Ukraine</a> war and the reduced opportunity for Europe to purchase Russian gas. </span><span data-ccp-props="{"201341983":0,"335559739":160,"335559740":259}"> </span></p>
<p><span data-contrast="auto">As a result, the EU is sending gas reserves to Ukraine thanks to the country’s large gas storage capacity. </span></p>
<p><span data-contrast="auto">Experts, meanwhile, have noted that the UK’s decreased demand for gas across the globe is worrisome as the country also moves into winter months.</span><span data-ccp-props="{"201341983":0,"335559739":160,"335559740":259}"> </span></p>
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