To look at how this fits into the wider demand and supply outlook, James, what does your base case imply for Asia LNG this year?

Sure.

Thanks.

Just as Suyash highlighted there, the most important variable really is the Strait of Hormuz and how long it'll take to get flows back up closer to those pre-war levels.

Now, of course, this is highly uncertain.

The base case view that we've, we've held for the past few months has assumed steady LNG flows returning from around the beginning of August, and then the Qatar and UAE LNG projects taking about two months or so to ramp up towards a full capacity.

Of course, not including the two damaged Qatar Energy LNG trains, which will take longer, maybe three or four years to repair.

Looking ahead, which watch points could shift spot and forward pricing the most over the next few months?