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According to analysts at Engie EnergyScan, “prices are up this morning, but only moderately.”
“We have not yet reached the point of supply shortage. So, no need to despair in a context where all other fundamentals are rather bearish,” they added.
Australia, along with Qatar and the United States, is one of the world’s largest exporters of LNG, and its supplies have served to reduce global energy prices since Russia began reducing its natural gas exports to Europe.
Chevron spokesperson: “Unfortunately, after numerous meetings and conciliation sessions before the Fair Work Commission, we continue to disagree on key terms.”
Brad Gandy, spokesperson for the Offshore Alliance, stated that Chevron’s position had “barely budged” after five days of negotiations.
He added, “Offshore Alliance members urge them to change course so that this dispute can be resolved.”
LNG is methane or a mixture of methane and ethane that has been purified and chilled to approximately -160C.
This transforms the gas into a liquid, allowing it to be transported in pressurized containers.
At its destination, LNG is converted back into gas and used as any other natural gas would be for heating, cooking, and generating electricity.