The market for LNG has, like the product itself, become liquid.

“On any given day now, there are 15 cargoes for sale, there are 400 cargoes full of LNG on the water,” said Charif Souki, chairman of Tellurian Inc. (NASDAQ: TELL), recently at CERAWeek by IHS Markit. “Any customer around the world that needs to get molecules can by simply paying a price for it.”

Long-term contracts, while a comfort to investors back when Souki-led Cheniere Energy Inc. (NYSE American: LNG) and others launched projects to convert massive LNG regasification import terminals on the Gulf Coast into liquefaction export terminals, will lose their dominance in the next five years as the product is increasingly recognized for what it is—a commodity.

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