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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.
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