Free Trial

European LNG Prices Lower As Woodside Talks Continue

LNG

European LNG prices fell 14.8% on Wednesday to EUR36.55, the lowest since August 14, and North Asian prices fell 4%, on optimism that unions and employers could reach agreements for Australia’s Northwest shelf gas facility workers after the deadline passed on Wednesday. Prices are likely to be volatile while the uncertainty over industrial action remains.

  • The Wednesday deadline set by Australian unions for an agreement with Woodside has come and gone and the firm has said that it hasn’t received any notices of protected industrial action. Woodside said that they have reached agreements “in principle” on a number of issues and that the bargaining process is continuing. If an agreement isn’t reached strike action could begin as early as September 2.
  • The ballot for Chevron workers is due today. The Electrical Trade Union said little progress has been made in talks.

To read the full story

Close

Why MNI

MNI is the leading provider

of intelligence and analysis on the Global Fixed Income, Foreign Exchange and Energy markets. We use an innovative combination of real-time analysis, deep fundamental research and journalism to provide unique and actionable insights for traders and investors. Our "All signal, no noise" approach drives an intelligence service that is succinct and timely, which is highly regarded by our time constrained client base.

Our Head Office is in London with offices in Chicago, Washington and Beijing, as well as an on the ground presence in other major financial centres across the world.