LNG short-term outlook: September 2023
Prices rallied in September due to extended maintenance in Norway, while Russia’s temporary export ban on gasoline and diesel also likely contributed to macro uncertainties. Chevron and the unions in Australia reached a final agreement, yet to be signed, largely removing the risk of industrial action. Asian LNG prices remained at a strong premium to European LNG prices in September. We expect the spread to continue over winter as balances could tighten up in late Q4 2023 and Q1 2024.