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Chevron strike: demand for spot LNG in Asia set to spike
The start of a two-week strike by workers at Chevron LNG facilities on 14 September 2023 could impact LNG exports from Australia and lead to a spike in demand for spot cargoes in Asia
Chevron has applied to the Australian Fair Work Commission to halt the strike and apply arbitration, and a hearing has been set for 22 September 2023.
The unions have called the strike over pay and conditions and have said the strike action will be ramped up over the next two weeks.
LNG prices in Europe rose overnight on the news of the strike, although Chevron has stated it will maintain operations.
The immediate impact will be on Australia’s LNG customers in Asia, who will have to provide contingencies in case cargoes are delayed or fail to arrive.
In the longer term, the strike weakens Australia’s position and may allow LNG suppliers in the Middle East to make further inroads into the Asian market.
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