On the 20th April last year we saw the first big US LNG cargo cancellations with JKM at $2.2/MMbtu resulting in 35 US cargos for June eventually being cancelled according to S&P Global Platts.
What a difference a year can make.
On the same date this year, JKM is at $8.6/MMbtu almost 4x the level and nobody is talking about cargo cancellations as the spread between US FOB price is ~$2.9/MMbtu on full cost basis while being at ~$5.5/MMbtu when considering that tolling costs are sunk.
No wonder that also freight market has been more conductive this year.
Source: Oeystein Moksheim Kalleklev
See original post by Oeystein at LinkedIn.