LNG Benchmark in Europe?

LNG cargo competition pulling out, but because of weak demand fundamentals in Asia, the spreads have narrowed significantly. On February 7th, it's shrunk to $0.87, just comparing the summer 23 contract of JKM versus the North West Europe contract. The CME launched a derivatives contract that's settling against the Platt's physical assessment. And what that means is for the first time, you can have a clean hedge into Europe for an LNG cargo that you can manage your risk with a like-for-like derivative.