EAST COAST GAS MARKET UPDATE
21 September 2026
Weekly Spot Price Movement
| STTM Hub | 16 Sept 2026 | 20 Sept 2026 | Change | Week-on-Week |
| Sydney | $10.20 | $10.01 | -$0.19 | -1.9% |
| Brisbane | $10.32 | $10.27 | -$0.05 | -0.5% |
| Adelaide | $10.10 | $9.75 | -$0.35 | -3.5% |
Prices for the Remainder of the Week
Prices are expected to strengthen across the three STTM hubs over the available forecast period, with Sydney forecast between $10.35–$11.28/GJ, Adelaide between $10.10–$10.55/GJ and Brisbane between $10.74–$11.34/GJ. Sydney is expected to rise noticeably into Tuesday and Wednesday, while Adelaide is forecast to increase more modestly before easing slightly on Wednesday. Brisbane is also expected to strengthen progressively, rising from $10.74/GJ on Monday to $11.34/GJ by Wednesday.
East Coast Supply and Demand
| Region | Supply | Demand | Net position |
| East Coast | 5,387 TJ | 5,495 TJ | -108 TJ |
East Coast supply and demand remain relatively balanced, although demand is currently exceeding supply by 108 TJ. This compares with a 60 TJ shortfall last week, representing a 48 TJ week-on-week deterioration in the net position as the deficit widened.
Iona Gas Storage
| Facility | Daily flow | Balance | Capacity utilised |
| East Coast | -43 TJ | 13,261 TJ | 54% |
Iona storage has increased from 12,954 TJ (53%) last week to 13,261 TJ (54%), a week-on-week increase of 307 TJ, with capacity utilisation rising by 1 percentage point.
The facility remains in withdrawal, with a 43 TJ daily draw, down from a 61 TJ withdrawal last week, indicating a slower rate of gas being drawn from storage.
Outlook
East Coast gas market conditions remain relatively stable, with STTM prices generally continuing to trade around the $10–$11/GJ range, although Adelaide has recently dipped below $10/GJ. The supply demand balance has tightened further, with demand exceeding supply by 108 TJ, compared with a 60 TJ shortfall last week, representing a 48 TJ week-on-week deterioration in the net position.
Iona storage has improved over the week, increasing from 12,954 TJ (53%) to 13,261 TJ (54%), a rise of 307 TJ and 1 percentage point in capacity utilisation. Daily withdrawals have also eased to 43 TJ, compared with 61 TJ last week, indicating a slower rate of drawdown. With winter now ending, attention will increasingly turn to whether storage levels continue to stabilise and rebuild through spring.
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Market News – Last 7 Days
Strait of Hormuz LNG movements remain disrupted despite signs of activity resuming – 18 September 2026
Shipping through the Strait of Hormuz remained well below recent average levels during the week, although several LNG vessels linked to QatarEnergy were observed moving again outside the strait. Continued disruption to one of the world’s key LNG shipping routes remains relevant to Australian gas markets because tighter global LNG supply can place upward pressure on Asian LNG prices and, in turn, LNG netback values that influence East Coast gas pricing.
Asian LNG demand forecast to fall as supply disruptions push prices higher – 17 September 2026
Asian LNG demand is expected to decline for a second consecutive year as elevated prices and constrained Middle East supply encourage major buyers including China, Japan and South Korea to reduce LNG consumption or shift toward alternative energy sources. Despite weaker demand, supply constraints have kept LNG prices elevated, which remains important for the East Coast market given the influence of Asian LNG prices on Australian export-parity and netback pricing.
Santos-led GLNG contract extension raises questions over gas reservation rules – 16 September 2026
The Santos-led Gladstone LNG project could extend its major LNG supply agreement with Korea Gas Corporation by a further five years. The potential extension has raised uncertainty over whether the additional export volumes would continue to be treated as part of an existing contract or become subject to the Federal Government’s revised domestic gas reservation arrangements. The issue remains particularly relevant to the East Coast market because of GLNG’s historical interaction with domestic gas supply and the proposed requirement for LNG exporters to contribute additional gas to the local market.
ACCC LNG netback prices rise sharply heading into late 2026 – 16 September 2026
The ACCC’s latest LNG netback update shows a significant increase in export-parity pricing, with the September netback at $25.74/GJ, rising to $30.24/GJ for October. Forward prices increase further to around $34.50/GJ across November, December and January. LNG netback prices are an important reference point for the East Coast market because they reflect the value producers may receive from exporting gas to Asian markets, although the ACCC notes they are not a forecast of domestic gas prices and are only one factor influencing local contract pricing.