EnergyQuest has just released its August 2019 LNG Report. Some of the highlights are:
- West coast LNG shipments were down by 3 cargoes in August compared with July, primarily Wheatstone (-2) and Ichthys (-2), both of which have also been selling spot cargoes at low spot prices. Contract buyers from the projects have exercised downward flexibility.
- Conditions tightened in the east coast gas market in August. With higher LNG exports and steady production, the producers produced a smaller surplus of 10.6 PJ above exports in August, compared with17.2 PJ in July. However, Queensland exports to the southern states were steady (8.2 PJ in August compared with 8.1 PJ in July) and production from Moomba and offshore Victoria was up by 3.1 PJ compared with July.
- East coast short-term gas prices were lower than those in July, except in Victoria, and lower than August 2018. East coast gas-fired generation was up by 36% on a year earlier.
- Total Australian LNG shipments in August were 6.9 million tonnes (Mt) (101 cargoes), close to the record levels of 7.0 Mt (102 cargoes) in July.
- Australia’s August shipments were 81.2 Mtpa on an annualised basis, well ahead of Qatar’s nameplate capacity of 77 Mtpa. Average capacity utilisation was down slightly in August despite the continued good production at NWS, Wheatstone and Pluto, which were all operating at over 100% of nameplate capacity.
- The Australian projects delivered 34 cargoes to China in August, down on 39 in July, and less than to Japan. Forty-two deliveries were made to Japan in August, same as 42 delivered in July.
- Australia delivered 13 cargoes to Korea in August, well up on the deliveries last northern winter. Australia fell to second largest supplier to Korea in July, with Qatar regaining first place.
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