Editor’s Note: This column is part of a regular series by industry veteran Brad Hitch for NGI’s LNG Insight dedicated to addressing the complexities of the global natural gas market.

The global natural gas market has traveled quite a long distance over the last 12 months.  

Although Title Transfer Facility and LNG prices were less than one-third of their 2022 highs by the start of 2023, they were still at levels rarely seen before Russia’s invasion of Ukraine.

In the interim we have seen something that looks like a return to normalcy – at least in terms of pricing and trade flows – even if certain sectors of demand across the world have not completely recovered from the dislocation caused by extreme pricing.  The combination of completely full storage and baseload...