Queensland LNG exports jump 12% in Q3
Queensland’s LNG exports during the July-September quarter (Q3) jumped 11.5% year/year on the back of strong Asian demand and record-high international prices, the Australian Energy Market Operator (Aemo) said in its third-quarter Quarterly Energy Dynamics report.
During Q3 there were 87 LNG cargoes exported, up from 78 in Q3 2020. Exports from Gladstone LNG (GLNG) increased from 21 to 29 cargoes, Queensland Curtis LNG (QCLNG) increased from 28 to 29, while Australia Pacific LNG (APLNG) remained steady also at 29.
“Demand for Queensland LNG is usually lower in the northern hemisphere summer but Q3 2021 demand was the highest Q3 on record, and the fourth-highest quarter on record,” the report said.
Year-to-date demand has totalled 1,038 petajoules (27.72bn m3), the first time demand has exceeded 1,000 petajoules in the first three quarters of the calendar year and is tracking 62 petajoules higher than the previous record in 2019, Aemo report stated. GLNG recorded the largest increase of 27.7 petajoules, while QCLNG increased by 2.4 petajoules, and APLNG increased by 2.1 petajoules.
Japan Korea Marker (JKM) LNG prices continued trending up, from A$17 ($12.7)/gigajoule at the end of the previous quarter to finish Q3 at a record A$41/gigajoule, averaging A$23/gigajoule for the quarter.
“Key drivers included ongoing refilling of gas storages, which were at multi-year lows in Europe and Asia, ahead of the northern hemisphere winter, coupled with adverse weather and maintenance supply disruptions,” the report said.