Interest in the potential for natural gas to emulate oil as a "global" commodity has grown. While international trade in natural gas in liquefied form has occurred for roughly 40 years, natural gas transactions largely take place in local and regional geographies. Growing demand among large consuming nations relative to global distribution of natural gas resources makes for a compelling story with respect to international, transoceanic trade outlooks. However, natural gas and the natural gas "value chain" are imbued with unique characteristics that require careful consideration by developers, researchers, regulators and policy makers. This article provides an overview and suggests key questions and issues for further research.