Australian LNG

From Energy Minister Josh Frydenberg: It is not realistic to expect the return to $3-$4/gigajoule that Australians enjoyed less than a decade ago.

Dalian has tried but largely failed to blow off again today: Big Iron is down: Big Gas too.

The commodity pain trade is roaring upwards today with iron ore off the hook up 6%: Big Iron is pretty circumspect about it: Big Gas is weak, notably so when one reads all of the positive guff coming from brokers: Big Gold is hot as it signals more USD weakness.

The gas cartel is in full swing this week.

From Australia’s worst company, STO: That’s nearly $3bn in write downs on GLNG now.

I’ve been warning of this for a few years, via Macquarie: Event  WPL, OSH and STO release their 2017 half-year results on Aug 16, 22 and 24, respectively, and we updated our outlook ahead of results.

See ya and wouldn’t wanna be ya.

Via STO: Pelican Point is one of those gas-fired power stations that have sat idle as the gas cartel has applied discriminatory pricing across the east coast.

From The Australian over the weekend: Prime Minister Malcolm Turnbull says South Australia’s energy plan is an “experiment” that should have been conducted privately. “You really have in South Australia, of course, been subjected to an experiment by (Premier) Jay Weatherill.

A currency shock is being unleashed upon Australia: How high it goes is anybody’s guess.

At MB we are great fans of Jay Weatherill.

Via Morgan Stanley: The oil market reached balance earlier this year, and in May observable stocks were drawing at above seasonal rates.

Via AFR: The gas industry is set for another showdown with government over LNG exports after Federal Resources Minister Matt Canavan declared he was “underwhelmed” by the commitments so far from producers to address the east coast gas shortage while exporters insist that restricting exports would do more harm than good.

Via Domainfax: The Turnbull government is moving a step closer to slapping export restrictions on liquefied natural gas producers as part of its bid to secure domestic supply and bring down prices.

Dalian is soft during the day: Big Iron is copping it: Big Gas does not look well: Those descending triangles on the majors might break.

Via the AFR: The first signs have emerged of a sea change in the flow of gas around the east coast, and they couldn’t have come soon enough.

Via The Australian today: Craig Kelly has doubled down on his comments suggesting renewable energy will cause deaths this winter, saying dozens more people could die if power prices aren’t brought down.

Via Credit Suisse: The currency conundrum Whilst the oil price continues to struggle to claw its way back towards US$50/bbl, the A$/US$ has had no such inhibitions in propelling its way through 79c.

Dalian is still powering today: But Big Iron isn’t as the AUD rips: Big Gas not happy, either: Big Gold is downright unhappy: Banks are partying after APRA didn’t address risk weights.

The AFR has a nice story today illustrating the death of Australia: The Turnbull government’s strained relationship with corporate Australia has come under more duress following some heated exchanges between the Prime Minister and the nation’s leading chief executives at a private dinner in Sydney on Monday night.