Glut? Australia "encouraged" after steps taken to avert natural gas crisis. No mention of Elon Musk: apparently Australia has not accepted his challenge to "save" Australia in 100 days.
The Australian Energy Market Operator warned in March of a shortage set to hit eastern Australia just as the country becomes the world's top LNG exporter. At least one of the east coast LNG plants, Gladstone LNG (GLNG) - operated by Australia's Santos - is drawing gas out of the domestic market to help meet its export contracts.
The big concern is that the gas shortfall is fuelling price hikes, hurting households and manufacturers such as brick makers and fertiliser producers, who need gas for their operations.
Manufacturers are getting offers of gas for as much as A$16-A$22 ($12-$17) per gigajoule for one-year deals, up from A$6 a GJ in previous contracts.KMI: misses 1Q17 profit forecast. 18 cents adjusted to 17 cents; forecast for 18 cents. Revenue of $3.42 billion beat forecast of $3.15 billion.
BK: Bank of New York Mellon post 1Q17 profit. Right on target: 80 cents.
Market: lots of volatility; wide swings; trending down.
WTI: flirting with $50 floor, again.