WIM reflects the daily tradable value of a spot LNG cargo at the given delivery period and location, based on trades, bids, offers and indications of tradable value reported to S&P Global Commodity Insights pricing specialists.

We use a Market on Close (MOC) assessment methodology which is a day-long process that ends at 4:30 pm Singapore time—the timestamp for Platts LNG assessments in Asia.

Structured and highly transparent, the MOC is a process in which LNG bids, offers, and transactions are submitted by participants to our editors and published in real-time throughout the day until the market close. Following the close, our editors examine the data gathered through the day, conduct their analysis and develop price assessments that reflect an end-of-day value.

Firm bids, offers and trades from companies are published on the Platts Editorial Window (eWindow) - an online communications tool that enables users to electronically enter and immediately view, bids, offers, and transaction data.

As soon as the data goes into oureditorial system, it is published in real-time on Page 008 of Platts LNG Alert (LNG) and Page 001 of Platts Natural Gas Alert (PGN) as well as on Platts Dimensions Pro.

Besides information published in the LNG MOC process, our editors also engage directly with producers, consumers, traders, brokers and shippers to gather price information. We publish this information and use it to assess intraday values, which serve as the reference point for any firm bids, offers, and trades in the MOC process.

The information gathered through market surveys is considered in the final assessment alongside bids, offers and trades reported in the MOC. The firm bids, offers that are open to the whole market, and trades resulting from that take precedence in the final assessment.

These inputs are published throughout the day, in real-time, in the form of "market heards", to allow us to test the information, which forms the basis of the assessment and for market participants to give feedback on those inputs.

Platts assessments normalize for a range of dimensions including timing/delivery dates, quantity, location, terms of trade and quality.

For more details, please refer to our LNG methodology and specifications guide.

Evolution of the Platts WIM

The Indian government is pushing to increase gas from 6% to 15%of the total energy mix by 2030 and create a gas-based economy.

LNG imports is expected to account for a large percentage of natural gas supply in India, with the West India Marker (WIM) seen as the anchor for deliveries into core demand areas.

Due to increasing connectivity with existing infrastructure, WIM provides the link between the global LNG market and value of gas further downstream in India.

We launched the WIM assessment in January 2010 as a net-forward calculation, applying the freight cost addition to the FOB Middle East assessments.

As LNG import volumes into India grew, we clarified the methodology to reflect a standalone India assessment in August 2012.

While the LNG market continues to be made up largely of legacy long-term contracts, there is a marked shift in recent years towards shorter-term and spot deals.

Daily LNG spot prices transparently reflect the tradable market value for LNG bought and sold each day. As such, LNG prices and market fundamentals have emerged as distinct from that of related hydrocarbon markets like oil over the past few years.

As LNG market commoditization and liquidity grow, there is an increasing establishment of regional LNG trading hubs, where delivery can be made or taken at multiple ports or terminals within a core demand region.

While the JKM reflects cargoes delivered into the trading hub of Japan, Korea, Taiwan and China, or JKTC, the West India Marker (WIM) reflects the cargoes delivered into the trading hub of India and the Middle east, or MEI.

There is greater adoption of WIM in spot and term contracts, as seen in the rising number of WIM-linked bids, offers and trades in the MOC process, as well as rising usage in domestic gas supply and LNG cargo contracts in India.