C’est la grève: virtually all French LNG terminals stopped operations amidst national strike, temporarily tightening French and northwest European gas supply.
The Elengy operated terminals (Montoir, Fos Cavaou, Fos Tonkin) are set to hold operations until 14 March, while Dunkirk for at least 48 hours.
Altogether, this will reduce French LNG send-out by ~0.5 bcm through the one-week strike period.
Three immediate consequences: LNG carriers diverted to nearing markets (primarily UK) higher storage withdrawals in France, and PEG prices rising amidst tightening supply.
Its good that this is happening at the end of a very mild heating season, which left storage sites at very comfortable levels…
What is your view? How social movements impact the functioning of the energy system? What famous strikes do you recall?
Source: Greg MOLNAR (LinkedIn)
