Shell Sees Henry Hub Dictating Global Natural Gas Markets as North American LNG Exports Grow

I disagree. There is not nearly enough LNG on the water to pull the price in one direction or in another consistently. LNG chases the best price – those cargos that are free from the milk run anyhow. Sure, more LNG into a high-priced market will dampen prices a bit but those dynamics are in no way enough to create global indices such as Brent or WTI for crude. Looking at those you see them move in some sort of rough tango. Pretty much all meaningful oil markers do. Not so in Natural Gas. North American prices are an order of magnitude below Europe and Asia. Even when things were at their craziest, prices at HH did not go double-digit. We are a long way from a global price. 

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