…Santos and Origin consortiums in Gladstone “shorted” gas by signing contracts to export gas they did not have.
Shell has enough gas but it was expected to have Bowen Basin gas available to cover the Origin and Santos “shorts”. The Santos and Origins consortiums covered their shorts by draining gas from Bass Strait and the Cooper, offering much higher prices.
There is available gas in Victoria and NSW but NSW former Premier Mike Baird and Victorian Premier Daniel Andrews have stopped development.
Solution: People who short shares or commodities usually are aware of the dangers of such practices.
Malcolm Turnbull and Josh Frydenberg need to teach the Origin and Santos consortiums the danger of such practices. While Shell had gas it must have been aware of the shorting.
As I understand it some 5 per cent of the Gladstone exports needs to be diverted to the local market. That can be organised in a voluntary basis, or more likely the Commonwealth needs to use emergency powers to divert 5 per cent of Gladstone to local use. Normally I would oppose such an action but we face an emergency, albeit partly brought on by Messrs Baird and Andrews.
Did CTP do the same , short in any ay, regarding gas availability ?
Do they have 235 PJ's and is that enough for NGP, as stated by Jemena ?
CTP Price at posting:
20.0¢ Sentiment: Hold Disclosure: Held
