HomeIndustriesAsian LNG Falls After Australian Strike Averted

Asian LNG Falls After Australian Strike Averted

Asian spot liquefied natural gas (LNG) prices cooled on Friday from their highest level in the past five months after workers at Australia’s Woodside Energy dismissed the idea of carrying out strike action amid a dispute between the unions representing workers and the company. The average price of LNG for October delivery into north-east Asia declined from $14 per million British thermal units (mmBtu) last week to $13 per mmBtu.

“It has very much been a week of two halves,” Samuel Good, head of LNG pricing at commodity pricing agency Argus observed. During the first half of the week, LNG prices surged as worries rose about supply disruptions arising from potential strikes. Prices suddenly plunged following the in-principle deal struck between the unions and Woodside Energy.

Price fluctuations have been largely limited by high gas storage volumes in Europe and northern Asia throughout the second quarter compared to levels seen earlier in the year.

Delta Struggling With Flight Cancellations Following Tech Outage

Delta Air Lines has continued to struggle with flight cancellations following last week's global cyber outage. This came after a software update by global...

Dolce & Gabbana Seeking New Capital Investment

Dolce & Gabbana CEO Alfonso Dolce confirmed that the fashion house is open to seeking new investors as a means of raising capital. This...

Former Nintendo President Claims Video Game Industry Set to Grow

Former Nintendo of America president and COO Reggie Fils-Aimé insisted that the video games industry is set to grow after suffering years of decline....