Europe Gas Slumps as Australian Strike Talks Reach Crunch Moment
- Woodside and union officials held discussions in Australia
- Walkouts risk interrupting as much as 10% of global LNG supply
A Liquefied Natural Gas tanker in Fos-sur-Mer, France.
Photographer: Clement Mahoudeau/AFP/Getty Images
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European natural gas prices plunged as talks aimed at heading off strikes at Australian LNG facilities left markets on edge.
Benchmark futures settled 14% lower after plummeting as much as 18%. There was still no update on the outcome of the talks by midnight in Perth, according to a spokesperson for Woodside Energy Group Ltd. Workers at one of its facilities previously said they would take strike action as early as Sept. 2 in the absence of a deal by the end of Wednesday.