After weeks of tension, the labor dispute at Australian LNG exporter Woodside Energy has died down. On Wednesday 23 August, the gas company concluded an agreement with the unions. Both parties have confirmed the deal separately. The result: a rapidly falling gas price.
The agreement is a major windfall for Europe. Joint strike threats hung over the market at Australia's two largest LNG exporters (Woodside and Chevron) for about two weeks. This would have had major consequences for the international LNG market. Together these companies sell no less than 10% of all LNG in the world. An agreement with Chevron has not yet been reached. Because Woodside is the larger player, the effects of a possible strike at the competitor remain limited.
The TTF seems to relax completely after the news. When the strike threat reached its peak on Tuesday, August 22, the gas price rose to €42,91. At the time of writing (August 24), the gas price is 26% lower, at €31,70.