November futures on the TTF index — Europe's largest hub — opened at $487.8 per 1,000 cubic meters (+2.2%). As of 06:24 GMT, they were trading at $507.7 (+6.4%).
The reason behind the price surge apparently stems from investors’ expectations of a supply-side shock caused by strikes at LNG facilities in Australia.
In September, workers at Chevron's LNG plant went on strike, demanding a wage hike. Walkouts occurred at the Gorgon and Wheatstone plants, which contributed roughly 7% to global LNG supplies last year.