Chevron pleaded with the Australian Fair Work Commission (FWC) to intervene in its worker stoppage strike, which would lead to a tribunal to dictate an agreement between the company and workers.
Chevron is hopeful that if the intractable bargaining declaration is enacted after the hearing on 22 September, it would grant the tribunal to dictate an agreement to end the strike.
According to the FWC, the ruling will happen if both parties have to previously let the FWC help mediate the dispute, and there’s no reasonable prospect of agreement, and it’s reasonable in all circumstances to make the declaration “taking into account the view of all the bargaining representatives”.
The worker union said the strike would begin at 6 AM Perth time (2200 GMT on Wednesday). This is the beginning of a total strike for two weeks as more than 5% of global natural gas supply would be disrupted, causing many to worry about volatile gas prices.
The US natural gas Futures has been rising over $2.7 per 10,000 MMBTU for the second day and its Jan ’24 contract is trading over $3.7, implying the 37% more of risk premium through the year end from the hedgers.
Meanwhile, ICE Dutch TTF natural gas Futures is at €36.2 per Megawatt-hour and its DEC ’23 contract and the further is trading over €50, implying the 27% more of risk premium at the year end from the hedgers.
