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LNG isn't oil but it's fairly closely tied to it from a financial perspective so I'll post here that there are various reports that the Australian LNG exporters are having trouble selling it. There's media reports about ships sailing as slowly as possible, being re-directed to other countries or simply going nowhere.https://smallcaps.com.au/global-gas-market-extraordinarily-oversupplied-hitting-australian-exports/The main data I can add to that is that raw gas volumes going into the Queensland LNG plants, all of them collectively, are currently running about 16% below levels pre-pandemic. The drop in LNG production should be proportional to that.Some of the gas not going into LNG is being shut-in in Queensland, a bit's going into storage at Roma (Qld) and quite a bit is going south via the pipeline to Moomba. Gas consumption varies considerably day to day but for 17th June gas from Queensland should supply just on 20% of the total volume consumed across NSW, ACT, SA, Vic & Tas combined so it's significant. That's resulting in reduced production in both SA and Vic with that gas staying in the ground for now.I don't have any figures for LNG production in WA or NT to add.
LNG isn't oil but it's fairly closely tied to it from a financial perspective so I'll post here that there are various reports that the Australian LNG exporters are having trouble selling it. There's media reports about ships sailing as slowly as possible, being re-directed to other countries or simply going nowhere.
https://smallcaps.com.au/global-gas-market-extraordinarily-oversupplied-hitting-australian-exports/
The main data I can add to that is that raw gas volumes going into the Queensland LNG plants, all of them collectively, are currently running about 16% below levels pre-pandemic. The drop in LNG production should be proportional to that.
Some of the gas not going into LNG is being shut-in in Queensland, a bit's going into storage at Roma (Qld) and quite a bit is going south via the pipeline to Moomba. Gas consumption varies considerably day to day but for 17th June gas from Queensland should supply just on 20% of the total volume consumed across NSW, ACT, SA, Vic & Tas combined so it's significant. That's resulting in reduced production in both SA and Vic with that gas staying in the ground for now.
I don't have any figures for LNG production in WA or NT to add.
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