Volatility and geopolitical risk have led to extreme market tightening and a material decoupling of spot prices from term prices. Europe is seeking to replace Russian pipeline gas with LNG while regasification investments are alleviating the infrastructure strain. In Asia there has been a retreat from spot purchases due to affordability concerns exacerbated by currency deterioration. Post-2025 contract activity is searching for direction amidst concerns over long-term demand uncertainty, carbon pricing, and the risk of oil prices decoupling from gas prices. Is this the new normal going forward when it comes to LNG contracting?