Spot market is a real time market, usually a matter of days or weeks in the natural gas market. In many countries gas spot prices are reported by pipelines. 10-12% of world LNG is traded on spot deals. Spot market participants have the flexibility to choose the time and quantity of supply based on current needs and price. Many consumers prefer a flexibility that allows them a mixture of long term and short term contracts to enable them to minimize supply and price risks in both the long and short term. Spot prices tend to be volatile responding to changes in supply and demand such as weather, available pipeline capacity