European natural gas prices surged by nearly 40% on Wednesday, driven by concerns over potential disruptions in global liquefied natural gas (LNG) supply from Australia. Prices on the Title Transfer Facility, the European benchmark, soared to over €43 per megawatt hour, a significant increase from the previous day's nearly €30, marking the highest level since mid-June. Reports of impending strike action by workers at key LNG plants in Australia for better pay and job security triggered the price surge. This market movement was exacerbated by traders closing out bets that gas prices would decline. The increase underscores the ongoing energy crisis in Europe, persisting for almost two years. Despite EU gas storage levels nearing capacity, the vulnerability of supplies continues to make markets nervous.