European natural gas prices eased as Woodside Energy Group Ltd. said it was having “constructive” discussions with workers who are threatening to strike at a key export facility in Australia.
“We have come to substantive agreements on a number of items,” Chief Executive Officer Meg O’Neill said during a results call Tuesday.
The market is closely watching the discussions as walkouts — if they go forward — risk disrupting as much as 10% of global supplies while Asia and Europe prepare for the winter heating season. Both regions vie for a limited amount of LNG worldwide. Workers at some Chevron Corp. facilities in Australia are also considering strikes.The possibility of industrial action has lifted futures to around the €40 mark in recent days, and the impact of any such event depends largely on its duration.
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