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<br /> Dawn of a global<br /> commodity<br /> LNG trading transformed<br /> October 2017<br /> LNG industry finally coming of age<br /> Drivers and inhibitors of commoditization<br /> Thriving in a commoditized LNG market<br /> Shifting strategies in a new business landscape<br /> Thoughts from the LNG industry<br /> Video interviews with Jera, BP, Cheniere, Anadarko, RWE, Pakistan LNG<br /> LNG market analysis and forecasts<br /> From across the S&P Global group<br /> www.platts.com<br /> 2 © 2017 S&P Global Platts, a division of S&P Global Inc. All rights reserved.<br /> October 2017<br /> Lead Author<br /> Abache Abreu<br /> LNG News & Analysis<br /> S&P Global Platts<br /> Editors<br /> Ross McCracken<br /> Energy Economist<br /> S&P Global Platts<br /> Stuart Elliot<br /> Generating fuels news<br /> S&P Global Platts<br /> Mriganka Jaipuriyar<br /> Associate Editorial Director<br /> S&P Global Platts<br /> Contributors<br /> Marc Howson, Paul Bartholo<a title="Dawn of a global commodity: LNG trading transformed page 1" href="https://secure.viewer.zmags.com/publication/24220a62?page=1"> Dawn of a global commodity LNG trading transform</a> <a title="Dawn of a global commodity: LNG trading transformed page 2" href="https://secure.viewer.zmags.com/publication/24220a62?page=2"> 2 © 2017 S&P Global Platts, a division of S&P Glo</a> <a title="Dawn of a global commodity: LNG trading transformed page 3" href="https://secure.viewer.zmags.com/publication/24220a62?page=3"> October 2017 Lead Author Abache Abreu LNG News &</a> <a title="Dawn of a global commodity: LNG trading transformed page 4" href="https://secure.viewer.zmags.com/publication/24220a62?page=4"> Abache Abreu Senior Edi</a> <a title="Dawn of a global commodity: LNG trading transformed page 5" href="https://secure.viewer.zmags.com/publication/24220a62?page=5"> This inevitably shifts the focus of risk from buy</a> <a title="Dawn of a global commodity: LNG trading transformed page 6" href="https://secure.viewer.zmags.com/publication/24220a62?page=6"> Executive summary Thriving in a commoditized LNG </a> <a title="Dawn of a global commodity: LNG trading transformed page 7" href="https://secure.viewer.zmags.com/publication/24220a62?page=7"> ability to respond fast to short arbitrage window</a> <a title="Dawn of a global commodity: LNG trading transformed page 8" href="https://secure.viewer.zmags.com/publication/24220a62?page=8"> Key takeaways Interconnectivity The emergence of </a> <a title="Dawn of a global commodity: LNG trading transformed page 9" href="https://secure.viewer.zmags.com/publication/24220a62?page=9"> flexible business models that can meet the needs o</a> <a title="Dawn of a global commodity: LNG trading transformed page 10" href="https://secure.viewer.zmags.com/publication/24220a62?page=10"> Anne-Sophie Corbeau </a> <a title="Dawn of a global commodity: LNG trading transformed page 11" href="https://secure.viewer.zmags.com/publication/24220a62?page=11"> Building on this reconfiguration of the traditiona</a> <a title="Dawn of a global commodity: LNG trading transformed page 12" href="https://secure.viewer.zmags.com/publication/24220a62?page=12"> Thoughts from Industry leaders discuss shifting t</a> <a title="Dawn of a global commodity: LNG trading transformed page 13" href="https://secure.viewer.zmags.com/publication/24220a62?page=13"> the industry gly commoditized LNG market “This s</a> <a title="Dawn of a global commodity: LNG trading transformed page 14" href="https://secure.viewer.zmags.com/publication/24220a62?page=14"> 14 © 2017 S&P Global Platts, a division of S&P Gl</a> <a title="Dawn of a global commodity: LNG trading transformed page 15" href="https://secure.viewer.zmags.com/publication/24220a62?page=15"> © 2017 S&P Global Platts, a division of S&P Globa</a> <a title="Dawn of a global commodity: LNG trading transformed page 16" href="https://secure.viewer.zmags.com/publication/24220a62?page=16"> S&P Global Ratings: Risks evolve for US LNG proje</a> <a title="Dawn of a global commodity: LNG trading transformed page 17" href="https://secure.viewer.zmags.com/publication/24220a62?page=17"> S&P Global Ratings: Risks evolve for US LNG proje</a> <a title="Dawn of a global commodity: LNG trading transformed page 18" href="https://secure.viewer.zmags.com/publication/24220a62?page=18"> S&P Global Ratings: Risks evolve for US LNG proje</a> <a title="Dawn of a global commodity: LNG trading transformed page 19" href="https://secure.viewer.zmags.com/publication/24220a62?page=19"> S&P Global Ratings: Risks evolve for US LNG proje</a> <a title="Dawn of a global commodity: LNG trading transformed page 20" href="https://secure.viewer.zmags.com/publication/24220a62?page=20"> S&P Global Market Intelligence: Flexibility at se</a> <a title="Dawn of a global commodity: LNG trading transformed page 21" href="https://secure.viewer.zmags.com/publication/24220a62?page=21"> S&P Global Market Intelligence: Flexibility at se</a> <a title="Dawn of a global commodity: LNG trading transformed page 22" href="https://secure.viewer.zmags.com/publication/24220a62?page=22"> S&P Global Market Intelligence: Flexibility at se</a> <a title="Dawn of a global commodity: LNG trading transformed page 23" href="https://secure.viewer.zmags.com/publication/24220a62?page=23"> FSRUs — such as the Golar Arctic, which is now lo</a> <a title="Dawn of a global commodity: LNG trading transformed page 24" href="https://secure.viewer.zmags.com/publication/24220a62?page=24"> S&P Global Platts: Regulatory challenges under Tr</a> <a title="Dawn of a global commodity: LNG trading transformed page 25" href="https://secure.viewer.zmags.com/publication/24220a62?page=25"> Along with DOE, FERC is part of the federal regul</a> <a title="Dawn of a global commodity: LNG trading transformed page 26" href="https://secure.viewer.zmags.com/publication/24220a62?page=26"> 26 © 2017 S&P Global Platts, a division of S&P Gl</a> <a title="Dawn of a global commodity: LNG trading transformed page 27" href="https://secure.viewer.zmags.com/publication/24220a62?page=27"> © 2017 S&P Global Platts, a division of S&P Globa</a> <a title="Dawn of a global commodity: LNG trading transformed page 28" href="https://secure.viewer.zmags.com/publication/24220a62?page=28"> Legacy Asia: Time to flex buying power </a> <a title="Dawn of a global commodity: LNG trading transformed page 29" href="https://secure.viewer.zmags.com/publication/24220a62?page=29"> Legacy Asia: Time to flex buying power Howev</a> <a title="Dawn of a global commodity: LNG trading transformed page 30" href="https://secure.viewer.zmags.com/publication/24220a62?page=30"> Legacy Asia: Time to flex buying power marke</a> <a title="Dawn of a global commodity: LNG trading transformed page 31" href="https://secure.viewer.zmags.com/publication/24220a62?page=31"> Legacy Asia: Time to flex buying power react</a> <a title="Dawn of a global commodity: LNG trading transformed page 32" href="https://secure.viewer.zmags.com/publication/24220a62?page=32"> Legacy Asia: Time to flex buying power “ </a> <a title="Dawn of a global commodity: LNG trading transformed page 33" href="https://secure.viewer.zmags.com/publication/24220a62?page=33"> Legacy Asia: Time to flex buying power </a> <a title="Dawn of a global commodity: LNG trading transformed page 34" href="https://secure.viewer.zmags.com/publication/24220a62?page=34"> Emerging Asia: Future market balancers? </a> <a title="Dawn of a global commodity: LNG trading transformed page 35" href="https://secure.viewer.zmags.com/publication/24220a62?page=35"> Emerging Asia: Future market balancers? “ </a> <a title="Dawn of a global commodity: LNG trading transformed page 36" href="https://secure.viewer.zmags.com/publication/24220a62?page=36"> Emerging Asia: Future market balancers? </a> <a title="Dawn of a global commodity: LNG trading transformed page 37" href="https://secure.viewer.zmags.com/publication/24220a62?page=37"> Emerging Asia: Future market balancers? eme</a> <a title="Dawn of a global commodity: LNG trading transformed page 38" href="https://secure.viewer.zmags.com/publication/24220a62?page=38"> China: An uneven playing field </a> <a title="Dawn of a global commodity: LNG trading transformed page 39" href="https://secure.viewer.zmags.com/publication/24220a62?page=39"> China: An uneven playing field Partial access</a> <a title="Dawn of a global commodity: LNG trading transformed page 40" href="https://secure.viewer.zmags.com/publication/24220a62?page=40"> China: An uneven playing field utilization f</a> <a title="Dawn of a global commodity: LNG trading transformed page 41" href="https://secure.viewer.zmags.com/publication/24220a62?page=41"> China: An uneven playing field Domestic gas p</a> <a title="Dawn of a global commodity: LNG trading transformed page 42" href="https://secure.viewer.zmags.com/publication/24220a62?page=42"> India: Feeding the tiger </a> <a title="Dawn of a global commodity: LNG trading transformed page 43" href="https://secure.viewer.zmags.com/publication/24220a62?page=43"> India: Feeding the tiger “ Over </a> <a title="Dawn of a global commodity: LNG trading transformed page 44" href="https://secure.viewer.zmags.com/publication/24220a62?page=44"> India: Feeding the tiger power, and current </a> <a title="Dawn of a global commodity: LNG trading transformed page 45" href="https://secure.viewer.zmags.com/publication/24220a62?page=45"> India: Feeding the tiger all of the volumes </a> <a title="Dawn of a global commodity: LNG trading transformed page 46" href="https://secure.viewer.zmags.com/publication/24220a62?page=46"> India: Feeding the tiger taken to facilitate</a> <a title="Dawn of a global commodity: LNG trading transformed page 47" href="https://secure.viewer.zmags.com/publication/24220a62?page=47"> India: Feeding the tiger </a> <a title="Dawn of a global commodity: LNG trading transformed page 48" href="https://secure.viewer.zmags.com/publication/24220a62?page=48"> Australia: A pivot toward flexibility </a> <a title="Dawn of a global commodity: LNG trading transformed page 49" href="https://secure.viewer.zmags.com/publication/24220a62?page=49"> Australia: A pivot toward flexibility combin</a> <a title="Dawn of a global commodity: LNG trading transformed page 50" href="https://secure.viewer.zmags.com/publication/24220a62?page=50"> Australia: A pivot toward flexibility Queens</a> <a title="Dawn of a global commodity: LNG trading transformed page 51" href="https://secure.viewer.zmags.com/publication/24220a62?page=51"> Australia: A pivot toward flexibility “ C</a> <a title="Dawn of a global commodity: LNG trading transformed page 52" href="https://secure.viewer.zmags.com/publication/24220a62?page=52"> Middle East: Shifting sands, changing strategies </a> <a title="Dawn of a global commodity: LNG trading transformed page 53" href="https://secure.viewer.zmags.com/publication/24220a62?page=53"> Middle East: Shifting sands, changing strategies </a> <a title="Dawn of a global commodity: LNG trading transformed page 54" href="https://secure.viewer.zmags.com/publication/24220a62?page=54"> Middle East: Shifting sands, changing strategies </a> <a title="Dawn of a global commodity: LNG trading transformed page 55" href="https://secure.viewer.zmags.com/publication/24220a62?page=55"> Middle East: Shifting sands, changing strategies </a> <a title="Dawn of a global commodity: LNG trading transformed page 56" href="https://secure.viewer.zmags.com/publication/24220a62?page=56"> Africa: FLNG: a pathway to Africa’s LNG renaissan</a> <a title="Dawn of a global commodity: LNG trading transformed page 57" href="https://secure.viewer.zmags.com/publication/24220a62?page=57"> Africa: FLNG: a pathway to Africa’s LNG renaissan</a> <a title="Dawn of a global commodity: LNG trading transformed page 58" href="https://secure.viewer.zmags.com/publication/24220a62?page=58"> Africa: FLNG: a pathway to Africa’s LNG renaissan</a> <a title="Dawn of a global commodity: LNG trading transformed page 59" href="https://secure.viewer.zmags.com/publication/24220a62?page=59"> Africa: FLNG: a pathway to Africa’s LNG renaissan</a> <a title="Dawn of a global commodity: LNG trading transformed page 60" href="https://secure.viewer.zmags.com/publication/24220a62?page=60"> Europe: Through the European looking glass </a> <a title="Dawn of a global commodity: LNG trading transformed page 61" href="https://secure.viewer.zmags.com/publication/24220a62?page=61"> Europe: Through the European looking glass </a> <a title="Dawn of a global commodity: LNG trading transformed page 62" href="https://secure.viewer.zmags.com/publication/24220a62?page=62"> Europe: Through the European looking glass T</a> <a title="Dawn of a global commodity: LNG trading transformed page 63" href="https://secure.viewer.zmags.com/publication/24220a62?page=63"> share of reference, most publicly in the contract</a> <a title="Dawn of a global commodity: LNG trading transformed page 64" href="https://secure.viewer.zmags.com/publication/24220a62?page=64"> Europe: Through the European looking glass F</a> <a title="Dawn of a global commodity: LNG trading transformed page 65" href="https://secure.viewer.zmags.com/publication/24220a62?page=65"> Europe: Through the European looking glass </a> <a title="Dawn of a global commodity: LNG trading transformed page 66" href="https://secure.viewer.zmags.com/publication/24220a62?page=66"> United States: A revolution in the making </a> <a title="Dawn of a global commodity: LNG trading transformed page 67" href="https://secure.viewer.zmags.com/publication/24220a62?page=67"> United States: A revolution in the making T</a> <a title="Dawn of a global commodity: LNG trading transformed page 68" href="https://secure.viewer.zmags.com/publication/24220a62?page=68"> United States: A revolution in the making T</a> <a title="Dawn of a global commodity: LNG trading transformed page 69" href="https://secure.viewer.zmags.com/publication/24220a62?page=69"> United States: A revolution in the making In</a> <a title="Dawn of a global commodity: LNG trading transformed page 70" href="https://secure.viewer.zmags.com/publication/24220a62?page=70"> United States: A revolution in the making US</a> <a title="Dawn of a global commodity: LNG trading transformed page 71" href="https://secure.viewer.zmags.com/publication/24220a62?page=71"> United States: A revolution in the making </a> <a title="Dawn of a global commodity: LNG trading transformed page 72" href="https://secure.viewer.zmags.com/publication/24220a62?page=72"> Latin America: Small-scale efforts driving commod</a> <a title="Dawn of a global commodity: LNG trading transformed page 73" href="https://secure.viewer.zmags.com/publication/24220a62?page=73"> Latin America: Small-scale efforts driving commod</a> <a title="Dawn of a global commodity: LNG trading transformed page 74" href="https://secure.viewer.zmags.com/publication/24220a62?page=74"> Latin America: Small-scale efforts driving commod</a> <a title="Dawn of a global commodity: LNG trading transformed page 75" href="https://secure.viewer.zmags.com/publication/24220a62?page=75"> Latin America: Small-scale efforts driving commod</a> <a title="Dawn of a global commodity: LNG trading transformed page 76" href="https://secure.viewer.zmags.com/publication/24220a62?page=76"> Latin America: Small-scale efforts driving commod</a> <a title="Dawn of a global commodity: LNG trading transformed page 77" href="https://secure.viewer.zmags.com/publication/24220a62?page=77"> Latin America: Small-scale efforts driving commod</a> <a title="Dawn of a global commodity: LNG trading transformed page 78" href="https://secure.viewer.zmags.com/publication/24220a62?page=78"> Latin America: Small-scale efforts driving commod</a> <a title="Dawn of a global commodity: LNG trading transformed page 79" href="https://secure.viewer.zmags.com/publication/24220a62?page=79"> Notes </a> <a title="Dawn of a global commodity: LNG trading transformed page 80" href="https://secure.viewer.zmags.com/publication/24220a62?page=80"> 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