Gas prices in Europe fell by 20%: the risk of strikes in Australia decreased
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European gas prices fell 20% at the open on Thursday as a dispute over labor rights at Australia’s largest liquefied natural gas export plant is set to be resolved.
It is reported Bloombergdata trades.
On Thursday, benchmark gas futures fell immediately by 21% at the opening of trading to 30.5 euros per MWh ($350 per thousand cubic meters). Subsequently, the prices returned to a small increase, and at 12:30 Kyiv were 32.8 euros per MWh ($375 per thousand cubic meters).
Gas prices were highly volatile in August as traders awaited the outcome of threatened strikes at factories in Australia. The shutdown could affect a tenth of global liquefied petroleum gas supplies, and at one point prices rose 40% in response to the risks.
Unions representing workers at Woodside Energy Group Ltd’s North West Shelf LNG operator are considering a “strong offer” from the company after talks that continued on Wednesday night. Details of the deal will be announced after a meeting with union members on Thursday.
However, even if the deal with Woodside is concluded, negotiations with Chevron Corp. disputes with workers at two of its Australian LNG facilities are still ongoing. This puts 24.5 million tons of annual supplies at risk, or about 5% of the world’s liquefied natural gas capacity.
The strike approval vote, a key step before any strikes can begin, is scheduled to be completed on Thursday at the Gorgon and Wheatstone plants, and on August 28 at the Wheatstone platform.
Therefore, it is likely that gas prices will fluctuate, and that there will be no clarity regarding strikes at Chevron facilities.
We remind you:
Spot gas quotes in Europe on Wednesday exceeded $480 per 1,000 cubic meters is the highest level since mid-April amid concerns over a labor dispute in Australia’s oil and gas fields that could lead to strikes as early as next week.
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