A lot of Long-term prices are Oil linked brent. Spot cargos are usually TTF or JKM linked. That latest round of Chinese buyers contracted from the Gulf coast at HH.
https://www.reuters.com/business/energy/exclusive-china-looks-lock-us-lng-energy-crunch-raises-concerns-sources-2021-10-15/
The historic JKM/Oil range was in the 13-15% bracket. Now it is 40-50% (Oil $100, JKM ~$45 range.
So all sellers want to Sell spot cargos at JKM/TTF of course.
Particularly TTF after what has happened in Europe lately. TTF traded negative to JKM roughly 1 year ago to being ~$16/MMBtu above JKM in the near term.
Standard cargo size of say 3.5M MMBtu, at ~$44.50 (Oct 22) JKM flat is roughly $150m USD revenue assuming Woodside can capture that spot flat JKM at least.
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