The LNG business is becoming ever more global. New export projects are being developed in Egypt, Trinidad, Oman, Israel, Angola, Nigeria, Canada, Mozambique, and Russia. The much-expanded scale and the growing list of new buyers has changed the market. Long-term contracts remain, and new ones are being signed. But some LNG began to be traded differently—sold on a short-term basis. Cargoes would set out for one destination, and then, as a new bid came in, change course for another, and then change course again. LNG was now no longer only an integrated business; it was also becoming a
...more
