Australia tells exporters to keep natural gas at home to avoid an energy crunch - which could cause prices to soar even further

If there is a shortage of natural gas on the eastern coast, Australia will tell exporting companies to keep their supplies in Australia.

The Australian Competition and Consumer Commission said in a statement that gas should be diverted to the domestic market.

The outlook for the east coast gas market has worsened. To protect energy security on the east coast, we are encouraging the export of liquified natural gas.

European gas prices are contributing to an energy crisis on the continent.

Since the start of June, Dutch TTF natural gas futures have increased by 1350 percent.

Australia is one of the world's largest suppliers of liquified natural gas and ships over 7 million tons of it each year. Key gas benchmarks could go even higher if supply cuts happen.

Natural gas stocks went up. In Australian trading hours, Woodside Energy Group and Origin Energy both gained.

European energy companies are raking in record profits.