EnergyQuest: Australian LNG export revenue down in April

Australian liquefied natural gas (LNG) export revenue dropped by 4 percent in April when compared to the same month last year, according to EnergyQuest.

The consultancy said in its monthly report it estimates that Australian LNG export revenue reached A$6 billion ($3.98 billion) in April.

LNG export revenue also dropped when compared to $7.1 billion in March, it said.

It rose 86 percent year-on-year in 2022 to a new record high due to higher oil and spot LNG prices, EnergyQuest previously said.

However, Asian spot LNG prices hit a 23-month low on earlier this month on mild weather and weak restocking demand in China, Japan and Korea, while Europe enjoys 60 percent full inventories ahead of summer, the consultancy said in its report.

The JKM LNG price for July is now below $10/MMBtu.

LNG exports reached 6.73 million tonnes

According to EnergyQuest, Australian LNG projects shipped 6.73 million tonnes in April, or 97 cargoes.

This was down compared to 7.16 Mt, or 104 cargoes, in March, the consultancy said.

The projects shipped an average 3.2 cargoes per day, less than the 3.4 per day average in March, it said.

In April last year, Australian projects shipped in total 6.9 million tonnes, or 99 LNG cargoes.

Overall, Australia’s April 2023 shipments were 81.9 Mtpa on an annualized basis, EnergyQuest said.

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