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Oil Prices Continue To Climb Toward $100

Oil prices are continuing to climb toward the $100 mark this week thanks to supply disruptions in Libya and expectations of a further U.S. inventory draw.
- Chevron’s (NYSE:CVX) Gorgon and Wheatstone liquefied natural gas facilities started short strikes last Friday after the last round of negotiations between the company and workers’ unions broke down without a deal.
- Loadings are still ongoing at the two LNG terminals, with 3 laden tankers departing since the short strikes began, however from Thursday onwards unions are preparing for full-blown industrial action that would halt exports altogether.
- The US major no longer expects a negotiated deal and filed three applications for an intractable bargaining declaration, with the dispute between Chevron and respective workers heard by Australia’s industrial relations tribunal on September 22.
- Accounting for 5% of global LNG supply, the prospect of Gorgon and Wheatstone facilities would mostly impact Japan’s gas imports as the East Asian country takes in almost half of their total volumes.  

Oilprice

Sep 13, 2023 14:16
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