Gas inquiry 2017-2025

LNG netback price series18 October 2021

The ACCC publishes the LNG netback price series as one of the measures to improve transparency of gas prices in the east coast gas market. In establishing the Gas Inquiry, the Australian Government directed the ACCC to provide information to the market as appropriate.

An LNG netback price is a measure of an export parity price that a gas supplier can expect to receive for exporting its gas. It is calculated by taking the price that could be received for LNG and subtracting or ‘netting back’ the costs incurred by the supplier to convert the gas to LNG and ship it to the destination port.

LNG netback prices based on Asian LNG spot prices currently play an important role in influencing gas prices in the east coast gas market.

An LNG netback price is not the sole factor that influences domestic prices in the east coast gas market. Individual prices paid by gas users will also reflect other factors that may be relevant to their circumstances, including the terms and conditions of their gas supply and any applicable transportation or retailer charges.

When adjusted for these factors, an LNG netback price represents the price that a gas supplier would expect to receive from a domestic gas buyer to be indifferent between selling the gas to the domestic buyer and exporting it.

The LNG netback price series includes:

  • historical monthly LNG netback prices at the Wallumbilla Gas Supply Hub (Wallumbilla) in Queensland, dating back to January 2016 based on a measure of historical Asian LNG spot prices, and
  • forward monthly LNG netback prices at Wallumbilla, extending to at least the end of the following calendar year, based on a measure of expectations of future Asian LNG spot prices.

Historical LNG netback prices will be updated on this page once a month, and forward LNG netback prices will be updated twice a month.

The prices shown are for information only and do not represent the ACCC:

  • setting a level of gas prices in the east coast gas market or any other market in Australia
  • forecasting international or domestic gas prices
  • forecasting any of the inputs used in the calculation of the LNG netback prices, or
  • providing an endorsement of the price reporting agencies or the specific methods adopted by those agencies.

LNG netback price chart

The chart below displays historical and forward LNG netback prices. Annual simple average forward prices are displayed only for each complete calendar year.

Cargo delivery month / futures contract month Historical netback prices Forward prices at 15 October 2021
January 2016 8.58  
February 2016 7.97  
March 2016 6.50  
April 2016 5.04  
May 2016 4.59  
June 2016 4.85  
July 2016 5.57  
August 2016 5.94  
September 2016 6.49  
October 2016 5.95  
November 2016 6.52  
December 2016 7.69  
January 2017 9.00  
February 2017 11.15  
March 2017 8.56  
April 2017 6.69  
May 2017 6.02  
June 2017 6.38  
July 2017 6.15  
August 2017 5.95  
September 2017 6.16  
October 2017 6.67  
November 2017 8.94  
December 2017 10.10  
January 2018 11.08  
February 2018 12.13  
March 2018 11.05  
April 2018 9.02  
May 2018 7.83  
June 2018 8.90  
July 2018 10.81  
August 2018 11.76  
September 2018 11.07  
October 2018 13.21  
November 2018 12.50  
December 2018 11.20  
January 2019 9.77  
February 2019 9.90  
March 2019 9.12  
April 2019 6.89  
May 2019 5.46  
June 2019 6.38  
July 2019 6.11  
August 2019 5.10  
September 2019 4.78  
October 2019 5.19  
November 2019 6.72  
December 2019 6.53  
January 2020 6.29  
February 2020 5.86  
March 2020 3.85  
April 2020 3.73  
May 2020 3.50  
June 2020 2.44  
July 2020 2.29  
August 2020 2.36  
September 2020 3.14  
October 2020 4.71  
November 2020 5.71  
December 2020 7.61  
January 2021 8.73  
February 2021 19.62  
March 2021 8.56  
April 2021 6.44  
May 2021 7.64  
June 2021 9.69  
July 2021 11.74  
August 2021 14.38  
September 2021 14.85  
October 2021 22.18  
November 2021 39.35 38.57
December 2021   41.16
January 2022   41.42
February 2022   40.94
March 2022   36.66
April 2022   22.23
May 2022   18.56
June 2022   18.30
July 2022   18.17
August 2022   18.16
September 2022   18.18
October 2022   18.72
November 2022   19.09
December 2022   19.44
January 2023   19.85
February 2023   19.64
March 2023   18.89
April 2023   13.97
May 2023   12.47
June 2023   12.06
July 2023   12.07
August 2023   12.09
September 2023   12.06
October 2023   12.87
2022 Average   24.16


Last updated on 18 October 2021. Next update on 1 November 2021.

Note: the ACCC has published the LNG netback price series and accompanying information to provide general information only. It should not be regarded as financial or other professional advice. The series, prices and accompanying information are subject to the limitations as stated on this web page and in the ACCC’s Guide to the LNG netback price series.

Users of the LNG netback price series or the accompanying information should consider whether the method, inputs and assumptions used by the ACCC are appropriate for their circumstances. Users should also seek professional advice appropriate to their circumstances.

The ACCC shall not be liable for any loss or damage arising from any person’s reliance on or use of this series or any part of the series or the accompanying information.


  • Historical LNG and freight prices: S&P Global Platts (Platts data © 2018 by S&P Global Platts, a division of S&P Global Inc. All rights reserved)
  • LNG futures prices: Intercontinental Exchange
  • Forward LNG freight prices: Argus Media Ltd.

Additional information

The ACCC has published a guide that outlines the ACCC’s method for calculating the prices in the series and how the series can be used in practice.

Guide to the LNG netback price series - October 2018 ( PDF 780.05 KB )

The ACCC also publishes a spreadsheet (updated with each update to the price series) that shows the prices underlying the price series, including a step-by-step calculation of forward LNG netback prices.

LNG netback price series - Public version - 18 October 2021 ( XLSX 351.09 KB )

The ACCC has published a report, commissioned by the ACCC from Core Energy, which includes estimates of gas production costs for proved and probable reserves in the east coast gas market (including reserves not currently in production) as at 31 December 2017.

Core Energy report for ACCC - November 2018 ( PDF 6.31 MB )

The ACCC publishes transportation prices, which can be used in conjunction with the LNG netback price series to estimate an indicative reference price of gas in locations other than Wallumbilla.

See: Transportation prices


The ACCC welcomes feedback on the LNG netback price series and the accompanying guide. Comments can be made in writing to



Users acknowledge and agree that Platts, its affiliates, or its licensors own the Platts Material used in the ACCC’s calculation of LNG netback prices, and all intellectual property rights therein, including, without limitation, any patent, trade secret, copyright, and trademark rights (whether or not such rights are registered).

Platts, its affiliates, and their respective third party licensors disclaim any and all warranties and representations, express or implied, including any warranties of merchantability or fitness for a particular purpose or use with respect to the Platts material, including any information or data contained therein or the results obtained by their use or the performance thereof. None of Platts, its affiliates, or their respective third party licensors guarantees the adequacy, accuracy, timeliness or completeness of the Platts material or any component thereof or of any communications with respect thereto. None of Platts, its affiliates or their respective third party licensors shall be subject to any damages or liability for any errors, omissions, interruptions, or delays in the Platts material. The Platts material and all components thereof are provided on an 'as is' basis and ACCC website users’ use of the Platts material is at their own risk.

Notwithstanding anything to the contrary, in no event whatsoever shall Platts, its affiliates or their respective third party licensors be liable for any indirect, special, incidental, punitive or consequential damages, including but not limited to, loss of profits, trading loss, lost time or goodwill, even if they have been advised of the possibility of such damages, whether in contract, tort (including negligence), strict liability or otherwise. None of Platts, its affiliates or their respective third party licensors shall be liable for any claims against ACCC website users by third parties.


Argus Media Ltd is the source of the confidential proprietary LNG forward freight cost estimates which the ACCC has republished on this web page. The ACCC obtains this data from Argus under licence. Argus makes no warranties, express or implied, as to the accuracy, adequacy, timeliness, or completeness of its data or the ACCC’s presentation of that data, or its fitness for any particular purpose. Argus shall not be liable for any loss or damage arising from any party’s reliance on Argus’ data, and disclaims any and all liability related to or arising out of use of the data to the full extent permissible by law.



Did you find what you need?

To help us improve, could you spare a few minutes to tell us what you came to the site to do today and how easy or difficult you found it?

Provide feedback