Australia’s competition watchdog expects a slight natural gas supply surplus for domestic markets early next year, but the supply balance remains tight as LNG exports from the East Coast are expected to rise.

Australia LNG

In the Australian Competition & Consumer Commission’s (ACCC) outlook for 1Q2024, researchers reported the east coast gas market should have a 1.4 petajoule (PJ) surplus, or around 1.3 Bcf, in the first three months of the year. Demand for liquefied natural gas exports is expected to increase 9% year/year during the quarter to 354 PJ, or 335.5 Bcf, due to an increase in long-term contract volumes.

ACCC Commissioner Anna Brakey said the East Coast’s first quarter supply and the domestic gas supply balance for the rest of the year is a product of the gas swap...