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.

Stocks Continue Slide as Israel-Iran Tension Ensues

Stocks on the New York Stock Exchange continued their drop-off on Friday as investor anxiety rose following Israel's retaliatory strike against Iran. Market composure...

United Airlines Stock Jumps 14% After Strong Q1 Results and Optimistic Projections for Q2

Following a strong first-quarter earnings report, United Airlines saw its stock jump 14% on Wednesday. Investors were also intrigued by the company’s optimistic projections...

iPhone Shipments Drop By 10%, Get Overtaken By Samsung as World’s Largest Phone Seller

2024 is shaping up to be a challenging year for tech giant Apple. The company saw its iPhone shipments drop by almost 10% in...