The Australian facilities are responsible for about 11% of global LNG exports. File Image / Pixabay
A strike at key gas export facilities in Australia may prompt a surge in LNG bunker prices.
Workers at Woodside Energy Group and Chevron's LNG facilities in Australia voted to strike on Wednesday, news agency Reuters reported. The facilities are responsible for about 11% of global LNG exports.
The front-month gas price at the Dutch Title Transfer Facility hub jumped by almost 40%, according to CNBC.
Europe's gas market has become increasingly dependent on imports from further afield after the war in Ukraine prompted a reduction in imports from Russia.
LNG bunker prices in Northwest Europe have been on a significant downward trend since surging last year after the outbreak of war.
LNG priced in fuel oil terms at Rotterdam stood at $522/mt on Monday, according to Ship & Bunker data, down by 85.7% since last year's record high of $3,660/mt seen in August 2022.