The boom in U.S. liquefied natural gas (LNG) exports in recent years is not only about abundant resources and cheap gas, but also how that low-cost supply has been tailored and sold to a global market historically accustomed to restrictive trade. 

Putting aside the woefully loose market of today, we all know that low-cost gas has allowed the United States to compete with other dominant producers on their turf. But the price of LNG has long been linked to crude oil and the bulk of it still is. It was relatively recently that LNG was tied to dominant natural gas indices in North America and Europe.

So how is LNG priced in the United States, and what attracted buyers to travel even farther across the sea for it? The heart of the answer lies in the commercial structure that export...