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Natural-Gas Prices Jump as Chevron Strike Starts - The Wall Street Journal

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Natural-Gas Prices Jump as Chevron Strike Starts

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Industrial action in Australia sent natural-gas prices higher in Europe, underlining the continent's vulnerability ahead of a second winter without an influx of Russian fuel.

Workers at two large natural-gas plants run by Chevron in Australia began industrial action Friday. The decision intensifies a dispute that has rattled global gas markets. The plants account for about 7% of global LNG supply.

Gas prices in Europe rose almost 10% to about 36 euros, equivalent to around $38.50, a megawatt-hour. The continent is heavily reliant on boatloads of LNG to fire factories, generate power and warm homes after Moscow all but turned off gas supplies.

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