TELF AG, a comprehensive international physical commodities trader, has released an article shedding light on recent developments in European natural gas futures in its latest report titled “TELF AG on European Gas Futures – September 19, 2023.”

Highlighting Key Trends

The article emphasises a significant 8% surge in European natural gas futures, reaching a peak of €35.5 per megawatt-hour last Friday. This price increase is attributed to the breakdown of union negotiations and subsequent partial strikes at two Chevron facilities in Australia.

According to TELF AG’s report, these facilities play a substantial role in the natural gas sector, accounting for more than 5% of global supply. Their primary focus has been serving Asia, which now faces potential disruptions in its LNG supply, particularly if these strikes continue for an extended period.

Despite the rising prices, the article notes subdued gas demand in Europe. Currently, Europe’s fuel reserves are approximately 93% full, a noteworthy achievement, surpassing the European Union’s target date of November 1st.

Impact on Industries

The report highlights the challenges faced by industries like Germany’s automotive and petrochemical sectors due to the prevailing high gas prices. It raises concerns about potential relocations of energy-intensive industries if the current price trend persists.

In conclusion, TELF AG underscores the dynamic nature of the European gas futures landscape. Ongoing issues at Chevron’s Australian facilities and the upcoming winter demand from Asia indicate a period of significant developments for the gas industry.

To gain a deeper understanding of these insights, readers are encouraged to explore the full article. For additional content and insights, please visit TELF AG’s Media Page.