In the 2nd Qtr 46% of LNG volumes sold at spot pricing @ $2.6 mmbtu. Contract price was $7. Good news is the Dec spot is already back over $6.5 So customers will be willing to contract again instead of taking advantage of low spot.
Refer to Woodside investor release.
https://files.woodside/docs/default-source/investor-documents/quarterly-and-half-yearly-pdfs-and-data-tables/2020/037-q2-2020-briefing-transcript-and-additional-information.pdf?sfvrsn=a32e8391_3
Also
Extract from Woodside 3 rd quarter Report page 6.
LNG MARKET
• The percentage of produced LNG sold on a spot basis during the quarter
was 26%.
• It is expected that the percentage of produced LNG sold on a spot basis for
the full year will be approximately 30%.
• Spot LNG cargoes are currently selling at prices equivalent to
approximately 15% of the Brent oil price per MMBtu.
Extract from Woodside 3 rd quarter Report page 11.
Realised price for LNG was only $3.9. So we have a lot of upside next quarter.
https://files.woodside/docs/default-source/investor-documents/quarterly-and-half-yearly-pdfs-and-data-tables/2020/third-quarter-2020-report.pdf?sfvrsn=95b5e996_1
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