HomeFinancial MarketsEuropean Gas Prices Freefall as Australian Strike Winds Down

European Gas Prices Freefall as Australian Strike Winds Down

European natural gas prices have declined amid signs that the ongoing labor dispute at Australia’s biggest liquefied natural gas export plant is winding to a close. Benchmark futures fell by 21%, the most since March 2022.

Gas prices have remained volatile throughout August, with traders awaiting the final result of negotiations on Wednesday night between unions representing workers at Woodside Energy Group Ltd’s North West Shelf LNG operations and their employers. Details of the settlement are expected to be released on Thursday according to Offshore Alliance, a group representing two major unions.

While workers at two other Australian plants voted in favor of industrial action, ING Groep NV is optimistic that an agreement could be reached between the parties. “All indications at the moment look promising that strike action at the North West Shelf will be avoided,” the group stated in a note on Thursday,

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