European natural gas futures gained as much as 18% as labor disputes among Australian LNG workers appeared unresolved, which could disrupt global supplies if employees go on strike.
Talks between union officials and Woodside Energy Group, one of the two companies operating the affected LNG facilities, were scheduled for Tuesday. While the discussions have yielded some progress, the two sides are not yet close to reaching an agreement before a possible strike decision on Friday, Montiel said.
Potential strikes could put up to 10% of global LNG exports at risk of disruption. While Europe rarely buys Australian gas, declining supplies mean that other countries in Asia that depend on Australian gas are competing for replacement shipments.
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