European gas futures predictably relinquished recent gains as fears of Australian LNG strikes receded after Woodside Energy struck a tentative deal with union bosses (more on this below). But the most interesting EU gas story last week was BASF’s deal to import US LNG from Cheniere Energy, which could save the German chemicals giant as much as $4.8 billion compared to buying gas at European wholesale prices, according to calculations by Energy Flux.*
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