Australian October LNG Exports Highest in Almost Two Years

The value of Australian LNG exports in October notched up the best performance in 22 months, according to EnergyQuest, an Australian energy advisory firm based in Adelaide.

Total exports in October were a record A$1.75bn (US$1.30bn). In terms of volumes, exports grew by 6.6% (65 cargoes) in October to 4.3mn metric tons, up from 4mn mt (61 cargoes) in September.

Western Australian projects in October shipped 2.4mn mt (36 cargoes), up from 2.2mn mt (33 cargoes) in September, EnergyQuest said earlier this month. On Queensland’s east coast, the Gladstone LNG projects shipped 1.5mn mt (24 cargoes), down slightly from 1.6mn mt (25 cargoes) in September.

EnergyQuest also noted that “despite what is supposed to be an oversupplied market, the LNG spot price in Asia is now the highest it has been all year – rallying to more than $7/mn Btu."

Shardul Sharma