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Friday 23 June 2017

Record LNG exports in May

LNG ramp up

It looks as though the pace of iron ore and coal exports has slowed through to June.

Gladstone was getting back up and running again in May 2017, with 1.64 million tonnes exported.

Karratha fired back up after maintenance in April, while several new trains saw another massive expansion at Gorgon.

Exports were thus at a record high of more than 5 million tonnes in May.

And there's plenty more to come too, with Wheatstone (WA) getting in on the party from August onwards.

There's been a huge rebound in gas prices from a year ago, though prices seem likely to come under downwards pressure again towards the end of June.

Treasury had forecast that LNG exports would triple between 2015 and 2021, including well over 60 million tonnes of exports in FY2018.

At the current pace, and with Wheatstone still to come, this looks set to be achieved comfortably.