In the end, someone will have to swallow the risk. If US seller accept something else than a US hub price, they either have gas supply that’s totally disconnected from the US pipeline system so hub prices are effectively not applicable, or there must be something else that drives them to this kind of exposure. If the P0 is high enough, you can make almost any marker pass successfully. Projects want to get to FID, and they want so quite desperately, so I imagine there is a lot of pressure. And Asians might feel like they can take a little gamble now. But whatever, if the volumes become available, the market will digest them one way or another no matter what price marker they come with.
U.S. gas companies at the LNG2019 conference in Shanghai this week have announced deals to sell a combined 4.5 million tons of liquefied natural gas a year from proposed multi-billion dollar projects. Nearly all of that was sold without a link to the U.S. Henry Hub benchmark, the most- widely traded gas price in the world.