Gas cartel plays dead going into election

A new energy shock is brewing as a cold European winter stalks Australia.

European gas storage is falling the fastest since 2021.

Prices are reacting, at two-year highs unseasonably. LNG imported to Australia is about $26Gj at these prices.

Still nearly double today’s local prices. The cartel appears to be playing dead heading into the election.

The flow into electricity has eased, though it is still double 2024 prices.

Futures are forecasting 20% gains from here.

The AER will issue its new retail benchmark for 2025/26 next month, and another 5-10% rise is my bet.

When LNG imports start, every cold day anywhere on the planet will spike your bill.