{
  "id": 7316707,
  "title": "Chevron Expects LNG Prices To Remain High in the Short Term",
  "url": "https://urgent.news/2026/09/14/chevron-expects-lng-prices-to-remain-high-in-the-short-term",
  "topic": "finance",
  "section": "Finance & Markets",
  "published": "2026-09-14T12:30:00.000Z",
  "source": {
    "name": "OilPrice",
    "slug": "oilprice",
    "url": "https://oilprice.com/Latest-Energy-News/World-News/Chevron-Expects-LNG-Prices-To-Remain-High-in-the-Short-Term.html"
  },
  "original_language": "en",
  "account": "Chevron Australia anticipates that liquefied natural gas (LNG) prices will stay high in the near future due to a significant supply interruption caused by the Middle East. Balaji Krishnamurthy, the Managing Director of Chevron Australia, expressed doubts about prices decreasing within the next six months during an interview on Bloomberg TV. The nation's LNG is currently trading at a premium in Asia because of its strategic location near key demand centers, a point highlighted by Krishnamurthy at the Gastech conference in Bangkok, Thailand. Chevron operates two large-scale LNG projects in Australia: Gorgon, with a capacity of 15.6 million tons, being the larger and largest in the country, and Wheatstone, producing 8.9 million tons annually. Together, these two facilities represent approximately 5% of the global LNG supply. In October, the spot Asian LNG price for delivery to northeast Asia surged to its highest level since 2022, thanks to the Middle East's re-escalation, which has further delayed any resurgence of LNG exports from the Strait of Hormuz. Although some LNG shipments have managed to bypass the bottleneck in recent weeks, transported by carriers from Qatar and the United Arab Emirates in the Persian Gulf, the amount remains insufficient to meet the demand before the onset of winter heating in Asia and Europe. Both regions have been vying for alternative LNG supply since the war in Iran began in late February. The absence of a substantial recovery in Middle Eastern LNG shipments and the heightened competition in Asia-Europe for winter gas supply have pushed the average October delivery price into northeast Asia to $26.00 per million British thermal units (MMBtu) as of Friday, a rise from $25.70 per MMBtu the previous week. This price point marks the highest spot LNG price in Asia since December 2022.",
  "summary": "LNG prices are set to remain at elevated levels over the next few months amid the massive supply disruption from the Middle East, Chevron Australia says. “I have a hard time seeing the prices come down” in the next six months or so, Balaji Krishnamurthy, Managing Director of Chevron Australia, told Bloomberg TV in an interview on Monday. Australia’s LNG is trading at a premium in Asia now,…",
  "key_points": [],
  "editors_take": null,
  "illustration": null,
  "coverage": {
    "outlets": 1,
    "also_reported_by": []
  },
  "ai_generated": true,
  "disclaimer": "Summaries, key points and the editor’s take are written by software from other outlets’ reporting and may contain errors — always check the linked original."
}