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European natural gas futures headed for a third weekly gain as concerns over potential strikes in Australia inject renewed volatility into the market.
The possibility of walkouts at three liquefied natural gas facilities operated by Chevron Corp. and Woodside Energy Group Ltd. has taken center stage in recent days, as traders monitor negotiations. Strikes — if they go ahead — could disrupt global supplies and increase competition for the super-chilled fuel.
Workers at key Chevron LNG facilities are scheduled to begin voting Friday on industrial action, according to the Offshore Alliance, a group representing two major labor unions.
Read more: Key dates to watch in Australia LNG labor negotiations
Traders are weighing supply risks against rising stockpiles in Europe, which are now 90% full — well ahead of the European Union’s Nov. 1 target date for that level. Still, robust inventories may not be sufficient to see the region through the winter. Meanwhile, heavy maintenance is expected at facilities in Norway.
