European Gas Spikes on Market Jitters Over LNG Strike Risk

Australia walkouts could put 10% of global LNG exports at risk
No breakthroughs seen in preliminary labor discussions

LNG Price Shocks at Risk on Australia Strike Threat

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By Priscila Azevedo Rocha and Anna Shiryaevskaya

August 15, 2023 at 12:27 PM UTC

Updated on

August 15, 2023 at 5:14 PM UTC

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European natural gas futures spiked for the second time in less than a week, with market tensions running high over the possibility of strikes in Australia that could severely tighten the global market.

Discussions on Tuesday between union officials and Woodside Energy Group Ltd., one of the two companies operating the affected liquefied natural gas facilities, yielded no firm outcome to the labor dispute.