Australian LNG exports up in July

Australian LNG exports rose in July when compared to the month before but also year-on-year, according to EnergyQuest.

In July, Australian projects shipped in total 6.81 million tonnes or 99 cargoes, much higher than the 5.85 million tonnes or 85 cargoes in June, the consultancy said in its monthly report.

In addition, LNG exports also rose when compared to 5.8 million tonnes or 85 cargoes in July last year.

However, March 2021 still holds the monthly record with 7.2 million tonnes or 105 LNG cargoes, the consultancy said.

As per July, Shell’s Prelude LNG shipped one less cargo while Chevron’s Gorgon and the Inpex-operated Ichthys were well up in July. All other projects were steady when compared to June, the consultancy said.

Record LNG volumes to North Asia

Australia supplied a record 72.4 million tonnes of LNG to North Asia in the fiscal year ending June 30, up from 71.4 million tonnes the previous financial year, EnergyQuest said. This includes China, Japan, Korea and Taiwan.

The total landed value of this LNG reached about A$38.9 billion ($28.5 billion), down from A$49.9 billion the previous year reflecting the fall in oil prices, the consultancy said.

According to recently released Chinese customs statistics, Australia supplied a record 30.7 million tonnes to China in FY 2021, worth an estimated A$15.6 billion.

The previous record was 28.6 million tonnes in FY 2020. Supplies from Australia increased by 7.3%, notwithstanding trade tensions, the consultancy said.

High spot LNG prices

Moreover, month-ahead JKM Asian spot LNG prices rose during July from $14.20/MMBtu on July 1 for August deliveries to $15.70/MMBtu on July 30 for September deliveries.

They then hit $17/MMBtu on August 6 and have remained high, at $17.15/MMBtu on August 12, the consultancy said.

“Prices are being driven by high temperatures in Asia during the summer, preventing storage being refilled after an extended cold winter, and US cargoes heading to South America and away from Europe,” EnergyQuest said.

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