European Natural Gas Prices Slump On Hopes Australia Will Avoid An LNG Strike

Europe’s benchmark natural gas prices slumped on Wednesday after settling on Tuesday at the highest level since April, amid market tensions over a labor dispute threatening LNG supply from Australia. The front-month futures at the Dutch TTF hub, the benchmark for Europe’s gas trading, had plunged by 12% to $40.94 (37.86 euros) per megawatt (MWh) as of 11:29 a.m. GMT on Wednesday, as workers and LNG facility owners in Australia discuss a possible resolution to the dispute about pay and work conditions. The contract rose by more…