HomeEuropeEurope's Energy Prospects Ahead of the Winter Heating Season | RANE

Europe’s Energy Prospects Ahead of the Winter Heating Season | RANE

Europe will avoid an outsize surge in energy prices this winter thanks to record-high storage and lower consumption, but a delicate supply and demand balance means price shocks remain possible. On Sept. 14, striking workers at U.S. oil and gas giant Chevron’ s Wheatstone and Gorgon liquified natural gas (LNG) plants in Western Australia state began escalating action and threatened to increase stoppages over the “coming days and weeks.” Industrial action at the two sites, which together account for 5-7% of global LNG supply, could escalate to a total halt or hours-long work stoppages for up to two weeks. European energy prices grew volatile at the news, as any prolonged strike action at the facilities could temporarily remove roughly 1 million tons of LNG from the global market, forcing Asian buyers to intensify competition with Europe on the global spot market. Separately, seasonal maintenance on Norway’ s gas infrastructure continues

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