CASE STUDIES / PRICING · ANALYSIS · OCT 2025
Brent indexation maximises Argentina loading revenue.
One Argentina FOB-Long, dropped into three modelled counterparty portfolios, reveals each buyer’s revenue-maximising benchmark and discount for cargoes leaving Bahia Blanca.
$2.01BN
PEAK ARGENTINA LOADING REVENUE · LARGEST MODELLED BUYER
Three counterparties, three books.
01 · THE SETUP
Each portfolio is approximated from public data and industry MTPA estimates, then a single Argentina FOB-Long is added under TTF, JKM or Brent indexation with discounts swept from -$0.25 to -$5.00 per MMBtu.
PUBLIC-DATA APPROXIMATIONS, EXPLICITLY NOT COMPANY FIGURES
Revenue peaks by benchmark.
02 · THE SWEEP
Sweeping the discount for every pairing, Brent delivers the highest peak revenue for all three counterparties. The scale gap is the story: the Gulf producer loads more than seven times the utility’s revenue.
TTF
JKM
Brent
MAJOR A
PRODUCER B
UTILITY C
Efficiency per journey decides.
03 · THE LENS
Dividing peak revenue by journeys from Bahia Blanca standardises the comparison. The global major is the single most efficient pairing per voyage; the producer anchors absolute volume near ninety journeys.
Every buyer has one best pairing.
04 · THE ANSWER
Optimal discounts differ fivefold across buyers: the major peaks at a shallow -$0.50, the producer at -$2.50, the utility at -$1.00. Pricing one formula for all three leaves revenue on the table.
-$0.50
MAJOR A · BRENT PEAK
-$2.50
PRODUCER B · BRENT PEAK
-$1.00
UTILITY C · BRENT PEAK
$234-261M
UTILITY BAND, ALL INDICES
05 · THE VERDICT
Brent wins for every counterparty. The producer brings the scale, the major the efficiency, the utility the stability.
PORTFOLIOS FROM PUBLIC DATA AND MTPA ESTIMATES · ILLUSTRATIVE, NOT COMPANY-SPECIFIC · JOURNEYS EX BAHIA BLANCA
THIS ANALYSIS RAN ON X-LNG
The whole analysis, priced inside the optimisation that plans your fleet.
X-LNG runs analyses like this on whole portfolios in seconds, so the answer sits in every netback, diversion and charter call rather than in a spreadsheet weeks later.
