European Gas Pauses Rally as Traders Monitor Australia LNG Talks
- Chevron and Australian unions to continue talks on Thursday
- Prices surged earlier this week on mounting supply risks
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Europe’s rally in natural gas futures took a breather, with traders awaiting clarity on talks between Chevron Corp. and its liquefied natural gas workers in Australia.
Benchmark futures slipped 6.9% after gaining more than 30% in the previous three sessions. Earlier, the Dutch contract briefly hit €50 per megawatt-hour, for the first time since April. The cool down also tracked declining crude oil prices on signs that the impact of the Israel-Hamas conflict on flows will remain limited.