I am always puzzled about the gas price. It's such a big gap between gas and crude oil.
At the prices of $8.38/GJ, 1 BOE is about $51.1, vs current $145/bbl for cruid oil, gas producers have to produce 3 times in volume to match oil producers by revenue.
It looks even worse for gas producers, checking the current Comex natural gas price (future). At US$2.666/mmbtu, 1 BOE worths only US$15.46, or AU$21.82/BOE. This is appalling compared to either cruid oil price and current COE sold price.
I struggle to see how Aussie gas producers can make profits. If my above understanding is correct, I would only put my money with crude oil producers.
Probably I have undersoodd it wrong, if so, someone cares to correct me? Also, why Comex natural gas dropped like a stone since Auguest last year?
Ann: Quarterly Report - Q2 FY23, page-19
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