The portfolio approach emerged from the premium that could be extracted by marketing excess volumes over and above committed contract requirements to higher-value markets. This facilitated growth of a spot market that was also instrumental in meeting demand disruptions brought about the Fukushima disaster. But as oil prices collapsed—and brought about a general price convergence in global LNG markets—portfolio strategies have subtly shifted from a focus on arbitrage to one of optimization to maximize netbacks. What are the successful requirements for a portfolio approach in today’s market? And what are the options for smaller players without the global reach of the Supermajors?