GAS prices increase as strikes start in Australia

The cost of natural gas increased because workers went on strike at two large places where natural gas is made into a liquid form in Australia.

The employees at Chevron’s Gorgon and Wheatstone plants in Western Australia are going on strike because they are unhappy with their payment and working conditions.

The two plants owned by the US energy giant make up more than 5% of the total worldwide capacity for liquefied natural gas (LNG).

On Friday, the cost of gas for businesses in the UK increased by roughly 10%.

Analysts at Engie EnergyScan said that prices have increased this morning, but not by a large amount.

“We haven’t started to see a decrease in the amount of resources available yet. ” So, there’s no need to worry if everything else seems bad, they said.

Australia is a big exporter of liquefied natural gas (LNG), just like Qatar and the US. When Russia started reducing its natural gas supplies to Europe, Australia’s LNG helped lower global energy prices.

Australia’s industrial mediator, the Fair Work Commission, has been organizing peaceful discussions between Chevron and the Offshore Alliance. The Offshore Alliance consists of two unions that represent energy workers.

“Sadly, after many meetings and discussions to work things out with the Fair Work Commission, we still disagree on important conditions,” explained a representative from Chevron.

Brad Gandy, who speaks for Offshore Alliance, said that Chevron’s stance hasn’t really changed much even after talking for five days.

“The Offshore Alliance members are asking them to change their approach so that they can resolve this disagreement,” he added.

Wholesale energy prices have decreased but there is still pressure to keep prices down.

The cost of oil went up this week, with a type called Brent crude being traded for around $90 per barrel. This happened because Saudi Arabia and Russia decided to continue reducing the amount of oil they are supplying until the end of the year.

LNG is a type of gas made from methane, which is a gas often found in natural sources like coal and oil. It can also be mixed with another gas called ethane. Before it is used, the impurities are removed and it is cooled to a very low temperature of around -160C.

This changes the gas into a liquid so it can be transported in tightly sealed tanks.

The LNG is converted back into gas and used for heating, cooking, and power, just like regular natural gas.