LNG Prices to Be Weaker in 2026 Than Macquarie Thought -- Market Talk

Dow Jones

Dec 05

2308 GMT - Macquarie softens its outlook for liquefied natural gas prices, as the addition of new output capacity loosens gas markets globally. Macquarie now sees spot LNG at US$10.50/mmBtu in 1Q of 2026, down from a prior forecast of US$12.00/mmBtu. It also pares forecasts for spot LNG prices by between 8.5% and 13% over subsequent quarters of next year. "We believe an underweight position in oil & gas is warranted, given our still bearish oil and LNG outlooks," says Macquarie. Its price target on Santos falls 1.8%, to A$8.00/share, noting higher output should more than offset lower spot LNG pricing. Macquarie raises its price target on Woodside by 4.2%, to A$25.00/share, as it factors in an expansion of the Sangomar oil project in Senegal. (david.winning@wsj.com; @dwinningWSJ)

(END) Dow Jones Newswires

December 04, 2025 18:08 ET (23:08 GMT)

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Macquarie now sees spot LNG at US$10.50/mmBtu in 1Q of 2026, down from a prior forecast of US$12.00/mmBtu. It also pares forecasts for spot LNG prices by between 8.5% and 13% over subsequent quarters of next year. \"We believe an underweight position in oil &amp; gas is warranted, given our still bearish oil and LNG outlooks,\" says Macquarie. Its price target on Santos falls 1.8%, to A$8.00/share, noting higher output should more than offset lower spot LNG pricing. Macquarie raises its price target on Woodside by 4.2%, to A$25.00/share, as it factors in an expansion of the Sangomar oil project in Senegal. (david.winning@wsj.com; @dwinningWSJ) \n</p>\n<pre style=\"white-space: pre\">\n \n</pre>\n<p>\n  (END) Dow Jones Newswires\n</p>\n<p>\n  December 04, 2025 18:08 ET (23:08 GMT)\n</p>\n<p>\n  Copyright (c) 2025 Dow Jones &amp; Company, Inc.\n</p>\n</font>","source":null,"html":"<!DOCTYPE html>\n<html>\n<head>\n<meta http-equiv=\"Content-Type\" content=\"text/html; charset=utf-8\" />\n<meta name=\"viewport\" content=\"width=device-width,initial-scale=1.0,minimum-scale=1.0,maximum-scale=1.0,user-scalable=no\"/>\n<meta name=\"format-detection\" content=\"telephone=no,email=no,address=no\" />\n<title>LNG Prices to Be Weaker in 2026 Than Macquarie Thought -- Market Talk</title>\n<style type=\"text/css\">\na,abbr,acronym,address,applet,article,aside,audio,b,big,blockquote,body,canvas,caption,center,cite,code,dd,del,details,dfn,div,dl,dt,\nem,embed,fieldset,figcaption,figure,footer,form,h1,h2,h3,h4,h5,h6,header,hgroup,html,i,iframe,img,ins,kbd,label,legend,li,mark,menu,nav,\nobject,ol,output,p,pre,q,ruby,s,samp,section,small,span,strike,strong,sub,summary,sup,table,tbody,td,tfoot,th,thead,time,tr,tt,u,ul,var,video{ font:inherit;margin:0;padding:0;vertical-align:baseline;border:0 }\nbody{ font-size:16px; line-height:1.5; color:#999; background:transparent; }\n.wrapper{ overflow:hidden;word-break:break-all;padding:10px; }\nh1,h2{ font-weight:normal; line-height:1.35; margin-bottom:.6em; }\nh3,h4,h5,h6{ line-height:1.35; margin-bottom:1em; }\nh1{ font-size:24px; }\nh2{ font-size:20px; }\nh3{ font-size:18px; }\nh4{ font-size:16px; }\nh5{ font-size:14px; }\nh6{ font-size:12px; }\np,ul,ol,blockquote,dl,table{ margin:1.2em 0; }\nul,ol{ margin-left:2em; }\nul{ list-style:disc; }\nol{ list-style:decimal; }\nli,li p{ margin:10px 0;}\nimg{ max-width:100%;display:block;margin:0 auto 1em; }\nblockquote{ color:#B5B2B1; border-left:3px solid #aaa; padding:1em; }\nstrong,b{font-weight:bold;}\nem,i{font-style:italic;}\ntable{ width:100%;border-collapse:collapse;border-spacing:1px;margin:1em 0;font-size:.9em; }\nth,td{ padding:5px;text-align:left;border:1px solid #aaa; }\nth{ font-weight:bold;background:#5d5d5d; }\n.symbol-link{font-weight:bold;}\n/* header{ border-bottom:1px solid #494756; } */\n.title{ margin:0 0 8px;line-height:1.3;color:#ddd; }\n.meta {color:#5e5c6d;font-size:13px;margin:0 0 .5em; }\na{text-decoration:none; color:#2a4b87;}\n.meta .head { display: inline-block; overflow: hidden}\n.head .h-thumb { width: 30px; height: 30px; margin: 0; padding: 0; border-radius: 50%; float: left;}\n.head .h-content { margin: 0; padding: 0 0 0 9px; float: left;}\n.head .h-name {font-size: 13px; color: #eee; margin: 0;}\n.head .h-time {font-size: 11px; color: #7E829C; margin: 0;line-height: 11px;}\n.small {font-size: 12.5px; display: inline-block; transform: scale(0.9); -webkit-transform: scale(0.9); transform-origin: left; -webkit-transform-origin: left;}\n.smaller {font-size: 12.5px; display: inline-block; transform: scale(0.8); -webkit-transform: scale(0.8); transform-origin: left; -webkit-transform-origin: left;}\n.bt-text {font-size: 12px;margin: 1.5em 0 0 0}\n.bt-text p {margin: 0}\n</style>\n</head>\n<body>\n<div class=\"wrapper\">\n<header>\n<h2 class=\"title\">\nLNG Prices to Be Weaker in 2026 Than Macquarie Thought -- Market Talk\n</h2>\n\n<h4 class=\"meta\">\n\n\n<div class=\"head\" \">\n\n\n<div class=\"h-thumb\" style=\"background-image:url(https://static.tigerbbs.com/150f88aa4d182df19190059f4a365e99);background-size:cover;\"></div>\n\n<div class=\"h-content\">\n<p class=\"h-name\">Dow Jones </p>\n<p class=\"h-time\">2025-12-05 07:08</p>\n</div>\n\n</div>\n\n\n</h4>\n\n</header>\n<article>\n<font class=\"NormalMinus1\" face=\"Arial\">\n<pre style=\"white-space: pre\">\n \n</pre>\n<p>\n  2308 GMT - <a href=\"https://laohu8.com/S/MQG.AU\">Macquarie</a> softens its outlook for liquefied natural gas prices, as the addition of new output capacity loosens gas markets globally. Macquarie now sees spot LNG at US$10.50/mmBtu in 1Q of 2026, down from a prior forecast of US$12.00/mmBtu. It also pares forecasts for spot LNG prices by between 8.5% and 13% over subsequent quarters of next year. \"We believe an underweight position in oil &amp; gas is warranted, given our still bearish oil and LNG outlooks,\" says Macquarie. Its price target on Santos falls 1.8%, to A$8.00/share, noting higher output should more than offset lower spot LNG pricing. Macquarie raises its price target on Woodside by 4.2%, to A$25.00/share, as it factors in an expansion of the Sangomar oil project in Senegal. (david.winning@wsj.com; @dwinningWSJ) \n</p>\n<pre style=\"white-space: pre\">\n \n</pre>\n<p>\n  (END) Dow Jones Newswires\n</p>\n<p>\n  December 04, 2025 18:08 ET (23:08 GMT)\n</p>\n<p>\n  Copyright (c) 2025 Dow Jones &amp; Company, Inc.\n</p>\n</font>\n\n</article>\n</div>\n</body>\n</html>\n","isBrief":false,"type":0,"news_type":1,"symbol":"LU0742534661.SGD","symbol_name":"Fidelity America A-SGD (hedged)","start_time":0,"source_url":"https://dowjonesnews.com/newdjn/logon.aspx?AL=N","article_id":"2589853947","we_media_id":"106","thumbnails":[],"rights":null,"url":"https://stock-news.laohu8.com/highlight/detail?id=2589853947","pubTimestamp":1764889680,"columns":[],"sourceInfo":null,"weMediaInfo":{"media_name":"Dow Jones","introduction":"Dow Jones publishes the world’s most trusted business news and financial information in a variety of media.","home_visible":0,"id":"106","head_image":"https://static.tigerbbs.com/150f88aa4d182df19190059f4a365e99"},"summary":"2308 GMT - Macquarie softens its outlook for liquefied natural gas prices, as the addition of new output capacity loosens gas markets globally. Macquarie now sees spot LNG at US$10.50/mmBtu in 1Q of 2026, down from a prior forecast of US$12.00/mmBtu. It also pares forecasts for spot LNG prices by between 8.5% and 13% over subsequent quarters of next year. \"We believe an underweight position in oil & gas is warranted, given our still bearish oil and LNG outlooks,\" says Macquarie. Its price target on Santos falls 1.8%, to A$8.00/share, noting higher output should more than offset lower spot LNG pricing. Macquarie raises its price target on Woodside by 4.2%, to A$25.00/share, as it factors in an expansion of the Sangomar oil project in Senegal. ","collect":0,"end_time":0,"defaultTopTitle":"","property":[],"viewcount":null,"language":"en","relate_stocks":{"LU0742534661.SGD":"Fidelity America A-SGD (hedged)","WDS":"Woodside Energy Group Ltd","STO.AU":"SANTOS LIMITED","LU2449327464.USD":"HSBC GIF GLOBAL INFRASTRUCTURE EQUITY \"AC\" (USD) ACC","BK4213":"石油与天然气的勘探与生产","LU0788109394.HKD":"BGF WORLD ENERGY \"A2\" (HKDHGD) ACC","LU0345780950.USD":"NINETY ONE GSF GLOBAL NATURAL RESOURCES \"A\" (USD) ACC","IE00B29SXL02.USD":"FIRST SENTIER GLOBAL LISTED INFRASTRUCTURE \"I\" (USD) INC","IE00B29SXK94.USD":"FIRST SENTIER GLOBAL LISTED INFRASTRUCTURE \"I\" (USD) ACC","LU0048573561.USD":"FIDELITY AMERICA \"A\" (USD) INC","LU0251131958.USD":"FIDELITY AMERICA \"A\" (USD) ACC","LU0122376428.USD":"贝莱德世界能源基金A2","LU0251142724.SGD":"Fidelity America A-SGD","LU0345781412.USD":"NINETY ONE GSF GLOBAL NATURAL RESOURCES \"A\" (USD) INC","LU0345770308.USD":"NINETY ONE GSF GLOBAL STRATEGIC EQUITY \"A\" (USD) ACC","LU0345770993.USD":"NINETY ONE GSF GLOBAL STRATEGIC EQUITY \"A\" (USD) INC","LU0630314457.HKD":"NINETY ONE GSF GLOBAL NATURAL RESOURCES \"A\" (HKD) ACC","LU0368265418.SGD":"Blackrock World Energy Fund A2 SGD-H","WDS.AU":"WOODSIDE ENERGY GROUP LTD","BK4144":"石油与天然气的储存和运输","LU0170899867.USD":"EASTSPRING INVESTMENTS WORLD VALUE EQUITY  \"A\" (USD) ACC","BK7142":"石油与天然气的勘探与生产","LNG":"Cheniere Energy Inc","BK7507":"资源股","LU0314104364.USD":"MANULIFE GF AMERICAN GROWTH \"AA\" (USD) INC"},"translate_title":"2026年液化天然气价格将低于麦格理预期——市场讨论","themeId":null,"isJumpTheme":false,"ttsUrl":null,"symbols_score_info":{"LNG":1.5,"WDS":0.9,"STO.AU":0.9,"WDS.AU":0.9},"content_text":"2308 GMT - Macquarie softens its outlook for liquefied natural gas prices, as the addition of new output capacity loosens gas markets globally. Macquarie now sees spot LNG at US$10.50/mmBtu in 1Q of 2026, down from a prior forecast of US$12.00/mmBtu. It also pares forecasts for spot LNG prices by between 8.5% and 13% over subsequent quarters of next year. \"We believe an underweight position in oil & gas is warranted, given our still bearish oil and LNG outlooks,\" says Macquarie. Its price target on Santos falls 1.8%, to A$8.00/share, noting higher output should more than offset lower spot LNG pricing. Macquarie raises its price target on Woodside by 4.2%, to A$25.00/share, as it factors in an expansion of the Sangomar oil project in Senegal. (david.winning@wsj.com; @dwinningWSJ) \n\n\n \n\n\n  (END) Dow Jones Newswires\n\n\n  December 04, 2025 18:08 ET (23:08 GMT)\n\n\n  Copyright (c) 2025 Dow Jones & Company, Inc.","kind":"highlight","is_publish_news":true,"is_publish_highlight":false,"is_publish_live":false,"is_publish_wemedia":null,"editions":null,"column":"","sentiment":"-1","news_tag":"","news_rank":0,"symbols":[],"gpt_button":0,"need_auth":true,"code":"91000000","status":"200"}}}