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Gas Prices Stabilise, Strike In Australia Averted

LNG

European LNG prices were fairly steady on Tuesday rising only 1.4% after Monday’s 10% decline. Prices rose to EUR 49.15 after a low of EUR 46.20 earlier. North Asian prices were stable after rising strongly as demand begins to rise ahead of winter.

  • 94% of union members voted to suspend industrial action at Chevron’s North West Shelf facilities in Western Australia as they agreed to the terms of an enterprise bargaining agreement.
  • US efforts to prevent the situation in Israel/Gaza spreading to the rest of the region have brought gas prices off their recent highs and below EUR 50. Biden was scheduled to visit Israel and Jordan today to continue efforts to defuse tensions but the Jordan summit has now been cancelled following Egypt and Palestine’s leaders pulling out over the explosion at a hospital in Gaza.

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