Platts to launch physical TTF assessments at Atlantic LNG MOC time

S&P Global Platts will launch month-ahead, second month and third month ahead physical Dutch Title Transfer Facility (TTF) natural gas price assessments in $/MMBtu, time stamped to 4:30 pm London time, effective Feb. 28, 2022.

This follows increased TTF-related activity in the Atlantic LNG markets, especially in delivered ex-ship (DES) Europe spot imports.

Platts will convert TTF assessments in Euro/MWh to $/MMBtu using the Platts Euro/US$ foreign exchange assessment (AAFCW00) time stamped at 4:30 pm London time. Platts will also use the conversion factor of 1 MMBtu = 0.293071 MWh, equivalent to 1 MWh = 3.412, that is reflective of market convention for the contract.

The TTF assessments will reflect the following terms and specifications:

Delivery timing: Month-ahead, second month and third month ahead.

Basis: Prices are for physical delivery at the Dutch Title Transfer Facility.

Quality: Prices are for high cal gas. Other specs are as defined by Dutch network operator Gasunie.

Minimum Quantity: 5 MW

Time stamp: 4:30 pm London time

Publishing schedule: London publishing schedule.

Roll: The assessments will roll over on the first publication day of each month. For example, on Feb. 28, 2022, the front-month assessment will reflect March, and on March 1, 2022, the front-month assessment will reflect April.

The new assessments for the front two months will replace existing Platts TTF calculations GTFWM10 and GTFWM20, which have been calculated historically from Euro/MWh assessments.

This will impact the comparative LNG price assessments that use these symbols:

Assessments Code

LNG DES Med Spot vs Dutch TTF Mo01 $/MMBtu LNTFS00

LNG DES Med Spot vs Dutch TTF Mo01 $/MMBtu MAvg LNTFS03

LNG DES NWE Spot vs Dutch TTF Mo01 $/MMBtu LNTFN00

LNG DES NWE Spot vs Dutch TTF Mo01 $/MMBtu MAvg LNTFN03

LNG FOB US Gulf Coast Cargo Mo01 vs Dutch TTF Mo01 $/MMBtu LNTFG00

LNG FOB US Gulf Coast Cargo Mo01 vs Dutch TTF Mo01 $/MMBtu MAvg LNTFG03

Additionally, Platts will launch new comparative LNG price assessments in $/MMBtu for its existing DES Brazil LNG assessment (LEBMH01) and the 4:30 pm London time stamped front-month JKM derivative assessment (JKLMO01), using the c

This change was first proposed in a subscriber note published Dec. 9, 2021: https://www.spglobal.com/platts/en/our-methodology/subscriber-notes/120921-platts-proposes-to-launch-physical-ttf-assessments-at-atlantic-lng-moc-time . The proposed rolling convention has been updated versus the previous subscriber note published Jan. 17, 2022: https://www.spglobal.com/platts/en/our-methodology/subscriber-notes/011722-platts-to-launch-physical-ttf-assessments-at-atlantic-lng-moc-time

Please send any questions, comments or feedback to LNGeditorialteam@spglobal.com and pricegroup@spglobal.com.

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