It only took total global shutdown to deliver Australia cheaper energy

We could have had it any time. But 6k dead from COVID-19 has finally delivered cheap gas to the east coast, appoaching $4Gj spot:

It’s still a little above net-back but pretty close:

Even contract gas (95% of the market) has fallen to about $8Gj which is still ourageously expensive and far above our Asian customers. The lower Brent oil price has delivered that relief. Local gas contracts are priced at around 14% of Brent.

It would have been a good 15% cheaper but the relief has been minimised by the falling AUD.

That’s what happens if you price you domestic gas in someone else’s currency.

Thanks cartel.