A wave of new supply of liquefied natural gas is set to hit global markets late this year, making 2024 potentially the last year of robust prices in one of Australia’s major export earners before a glut causes them to dive.

The forecast from Bernstein Research – for a decline of up to as much as 47 per cent by 2027 – comes as Australia has been supplanted as the world’s biggest exporter of the fuel by the United States, and as major producers including Woodside Energy and Santos face a dip in output as gas supplies run down at older plants.