Global gas & LNG weekly summary: 24 Aug 2023 Report

Commodity Market Report 24 August 2023

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Report summary

Some strike risk subsides at Woodside, but price volatility to continue until matters are certain with Chevron as well Per 23 Aug settles, TTF saw a decline along the curve, with the biggest declines in Sep and Oct ’23, decreasing by 4.2% week-over-week. NE Asia, on the other hand, saw week-on-week increases along the curve, with the biggest increases coming from Nov ’23 of 10.4% and Apr ’24 of 12.5%. While the risk of Woodside workers going on strike has subsided, the outcome at Chevron has not yet been determined. Volatility in prices can be expected until the outcome of Australian strikes are finalized since Chevron represents 2/3 of the facilities that have been at risk. Henry Hub declined slightly along the curve since last week although a much smaller-than-expected injection gave prices a boost yesterday. The Sep contract will settle next week on 29 Aug.