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The US builds for the future

Rapid rebalancing of the world's seaborne gas market will be crucial to the success of US exports

When buyers a few years ago started snapping up future supply from American liquefied natural gas plants that are now under construction it looked like a good bet. Asian demand was soaring, pushing up prices to the point where the arbitrage offered by cheaper US Henry Hub-priced LNG made the idea of shipping American gas to Asia a no-brainer. Now, with sagging Asian demand, a glut of LNG supply in the market, and lower prices, contracted buyers are seeking alternative markets and some may even find it cheaper not to ship cargoes at all in the short-term, although they will still have to bear liquefaction costs under tolling agreements. The first shipment of US LNG to Japan was delivered in

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