[wholien]

true for some commodities but not for others.

For example, nat gas prices in the US are usually cheaper than the price in Europe. For the last year, due to recent events, the price differential has been a lot bigger too.

on top of that, there are contracts. So Japan might pay a different price to Europe, but that might be because they bought a contract 12 months ago for today's price

[dtech]

That differential is mostly due to shipping and limited supply though. Creating and processing LNG is expensive, and there's limited worldwide infrastructure to make it.

[seanmcdirmid]

Natural gas is not very portable in gas form. LNG so it can be shipped is kind of expensive on both sides, so having pipeline access is really important.