<p>LNG prices are currently low and supply is ample. As sellers search for markets, and spot prices fall below long-term contract prices, oil-linked pricing formulaecome under strain.</p>

<p>Will the oil link be replaced entirely by traded gas-on-gas markers such as JKM? Will short-term and spot cargoes become the norm, as the LNG market evolves to resemble the oil market? Or are long-term, oil-linked contracts still irreplaceable?</p>
