The decline in gas prices is attributed to diminishing concerns surrounding the Australian strike
European wholesale gas prices have experienced a decline following the apparent resolution of a planned strike at Australia's largest liquefied natural gas (LNG) plant.
Concerns arose due to a potential walkout at Woodside Energy's North West Shelf plant, which had the potential to disrupt global LNG supplies and trigger a notable increase in gas prices.
However, on Thursday, Woodside Energy reached a preliminary agreement with the unions, a development aimed at preventing the strike from taking place.
Since reaching their peak on Tuesday, benchmark EU and UK gas prices have fallen by nearly 33%.
Representatives of the employees at the North West Shelf facility expressed support for the in-principle agreement with Woodside Energy. A vote to ratify the deal was scheduled for 7:3...