(Bloomberg) -- European natural gas prices slumped on signs of easing supply risks in Norway and Australia.
Benchmark futures fell as much as 6.1%, the most since Monday. Chevron Corp. and unions are close to a regulator-brokered deal to end strikes at liquefied natural gas export facilities in Australia as soon as Friday.
Uncertainty over the strikes’ impact on LNG exports has weighed on the market for weeks, risking to cause disruptions just ahead of the start of winter demand season. The other driver of the market’s nervousness was prolonged maintenance in Norway, Europe’s biggest supplier.
Norwegian flows are recovering as gas capacity at the giant Troll field is gradually coming back, according to network manager Gassco AS.
The front-month gas contract on the Dutch hub declined 3.8% to €35.88 a megawatt-hour at 8:29 a.m. in Amsterdam.
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