London’s Intercontinental Exchange (ICE) data revealed a substantial hike in European gas prices on Monday. The figures showed a 9.7% increase, reaching $450 per thousand cubic meters during trading activities.
Opening trades for September futures on the TTF index, located in the Netherlands, stood at $478.1, up by 16.5%. This rate became the day’s peak price.
The day’s lowest recorded rate was $427.9, a 4.3% surge. The latest futures were traded at $450.1, marking a 9.7% rise. Price dynamics lean on the previous day’s settlement price, which was at $410.4 per thousand cubic meters.
This price escalation was primarily driven by reports of potential strikes by workers at the liquefied natural gas (LNG) plants in Australia. Reuters highlighted on Sunday that Australian unions on offshore gas platforms, associated with the Woodside Energy Group, announced strike plans for September 2. This action might disrupt approximately 10% of global LNG exports.
Remarkably, gas prices surpassed the $450 threshold per thousand cubic meters for the first time since June 21 last Wednesday, nearing $500 during trading activities.
In a related context, Russian oil shipments to China from January to July 2023 witnessed a significant 25.2% jump. Additionally, liquefied natural gas imports escalated by an astounding 62.7%.
As per the figures released by the General Administration of Customs of China, Russian oil shipments to the country, during the said period, soared by 25.2% year-on-year, surpassing 60.6 million tons. Concurrently, LNG imports rose by 62.7%, reaching 4.46 million tons, while gas supplies through pipelines almost doubled.
