RE:Where willUS LNG manufacturers aren't making anything more then their usual spread. They charge NYMEX HH + $2.00 Liquifaction fee to their contracted loads. European traders are the one that are making bank, but they are most likely utilities that are forced to sell electricity at capped rates... so they are all losing regardless.
https://www.fitchratings.com/research/corporate-finance/high-energy-prices-squeeze-uk-suppliers-networks-insulated-22-12-2021
TTF (European Gas) could go to $100+/MMBTU and it wouldn't matter you can still only export 10-12BCF/day. The North American market is pretty balanced and the only reason we aren't dropping is that there has been some restraint in capex for the first time ever. N.A. E&Ps can add 1BCF+ a month in new production if they wanted to. It takes 3-4 years to build a new LNG terminal, it takes 2-3 months to fill it with new production. EQT, Cabot, Antero make CNRL + ARX look like juniors in scale.