European Natural Gas Prices Fall as Market Eyes Woodside Labor Talks

Oil prices fell as U.S. labor market data indicated tight conditions, potentially leading to further interest rate increases by the Federal Reserve, overshadowing concerns of weakening demand and rising inventories.

European and U.S. natural gas prices rose due to concerns over supply from Australia and Norway, with maintenance at Norwegian gas fields and fears of a strike at Chevron's LNG facilities driving uncertainty.

European gas prices surged as workers at Australian natural gas facilities went on strike, raising concerns about global supply shortages. The strike, which is a result of failed negotiations over pay and job security, could potentially lead to a two-week halt in production.

European markets were stagnant as investors awaited a decision from the European Central Bank on whether to raise interest rates for the tenth consecutive meeting, while carmaker shares dropped following an investigation into electric vehicle subsidies by the European Commission and concerns over Chinese retaliation. Additionally, the oil market is keeping a close eye on the possibility of crude prices reaching $100 a barrel as Saudi Arabia and Russia plan to extend production cuts until the end of 2023.