EnergyQuest Australian LNG Monthly November 2021

EnergyQuest has just released its Australian LNG Monthly for November 2021.

We have just released our November Australian LNG Monthly report.
Extraordinary global gas prices are good for LNG producers but are starting to impact the east coast gas market. Also while Australia is the biggest LNG exporter to China, it’s position in the long-term is being challenged by the growth of US LNG exports to China (notwithstanding geopolitical tensions).

Some of the other highlights of the report are:  

  • In November Australian projects shipped 7.15 million tonnes (Mt) (104 cargoes), slightly lower than the record 7.23 Mt (105 cargoes) in October (a longer month). 
  •  EnergyQuest estimates that Australian LNG export revenue increasedin November to $5.77 billion, up from $5.44 billion in October and up by 196% on November 2020.
  • Overall, Australia’s November shipments were 87.0 Mtpa on an annualised basis which is higher than the record October shipments of 85.1 Mtpa on an annualised basis.
  • Compared with October, Australian projects delivered six fewer cargoes to Japan, Thailand, Malaysia and Taiwan in November, but eight additional cargoes to China and Korea.
  • In November, 43 cargoes were delivered to China after delivering 38 in October and 38 in November 2020.
  • West Coast shipments decreased to 4.9 Mt in November (5.1 Mt in October), with 71 cargoes in November compared to 73 in October.
  • East coast LNG shipments increased to 2.2 Mt in November (2.1 Mt in October), with 33 cargoes compared to 32 in October.  The east coast projects operated at 104% of nameplate capacity during November.
  • There were three spot cargoes reported from the east coast in Novemberand four spot cargoes from the west coast (7% of total shipments).
  • Queensland imported gas from the other states in November.
  • With continued high LNG spot prices, Queensland short-term domestic gas prices in November were significantly higher averaging $11.16/GJ ($8.28/GJ in October) at Wallumbilla and $12.13/GJ ($8.44/GJ) in Brisbane, compared to those in October
  • Southern short-term domestic gas prices in November were significantly higher compared to those in October averaging $12.17/GJ ($8.22/GJ) in Sydney, $12.24/GJ ($8.36/GJ) in Adelaide and $11.79/GJ ($7.64GJ) in Victoria. 
  • East coast electricity demand fell slightly in November compared with a year earlier.
  •  Power generation in November from coal fell and was once again a record low for this time of year, with generation down by 748 GWh from a year earlier. The coal share of NEM generation was only 61%, down from 64% a year earlier. Gas generation was down by 229 GWh. Gas’s overall share of the market decreased to 4% from 5% a year earlier.  
  • Tasmanian generation in November was 100% renewable, comprising almost entirely hydro and wind. Tasmania exported 75 GWh of renewable power to Victoria. In South Australia 76% of generation was provided by wind and solar, and South Australia imported 42 GWh from Victoria. NSW and Victoria generated 24% and 32% respectively from wind and solar. The biggest absolute increase in wind and solar generation was 292 GWh in Victoria. In Queensland wind and solar contributed 19% of generation

Information about the EnergyQuest Australian LNG Monthly is available by clicking here.