Platts launches physical TTF assessments at Atlantic LNG MOC time

S&P Global Platts has launched 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 converts 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 uses 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 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 assessments for the front two months replaced Platts TTF calculations GTFWM10 (monthly average code GTFWM03) and GTFWM20, which had been calculated historically from Euro/MWh assessments.

This impacts the comparative LNG price assessments that use these symbols from Feb. 28, 2022:

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 has launched 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).

The newly launched assessments appear in Platts LNG Daily, Platts LNG Alert pages 850, 816 and Platts Natural Gas Alert pages 1079, 1063 under the following price database codes:

Assessments Code

LNG Japan/Korea at London MOC Financial vs Dutch TTF Physical $/MMBtu Mo01 LJKTM01

LNG Japan/Korea at London MOC Financial vs Dutch TTF Physical $/MMBtu Mo01 MAvg LJKTM31

LNG DES Brazil Netforward vs Dutch TTF Physical $/MMBtu Mo01 LDBTM01

LNG DES Brazil Netforward vs Dutch TTF Physical $/MMBtu Mo01 MAvg LDBTM31

Dutch TTF 2-Mo $/MMBtu MAvg GTFWM23

Dutch TTF 3-Mo $/MMBtu GTFWM30

Dutch TTF 3-Mo $/MMBtu MAvg GTFWM33

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