SUBSCRIBER NOTE: Platts updates guidelines for Asia LNG MOC process

S&P Global Platts has refined its guidelines for standard trading terms reflected in the published bids, offers and other transactional data considered in its benchmark JKM LNG price assessments, with effect from March 1, 2019. These refinements apply to bids, offers and trades published by S&P Global Platts in the Market on Close assessment process. They would not impact the specifications reflected in the JKM assessments, which are published in the Platts methodology & specification guide, available online here: https://www.spglobal.com/platts/en/our-methodology/methodology-specifications DELIVERIES LESS THAN 30 DAYS AHEAD: For cargoes for delivery at or less than 30 days from the date of assessment, Platts would reflect bids that state the base discharge port explicitly. Buyers would retain the option to substitute the delivery port within the same country up to 20 days before the first day of the delivery window, as per Platts standards.

Similarly, for cargoes for delivery at or less than 30 days from the date of assessment, Platts would only reflect offers that state both the vessel name and the loading port explicitly.

For cargoes for delivery at more than 30 days from the date of assessment, bids that do not state the base discharge port and offers that do not state the base vessel would be subject to normalization.

For all bids and offers reported via the MOC process, Platts would consider for publication only those where the following applies: for an offer, compatibility of the base port can only be a requirement should the base vessel be named; for a bid, compatibility of the base vessel can only be a requirement should the base discharge port be named.

HALF MONTHS: Platts would only consider for publication bids and offers for delivery within the half-months under the Platts JKM and DES West India assessments on a given date. This means that Platts would only consider for publication bids and offers in the MOC from the third half-month ahead to the sixth half-month ahead on a daily basis. For example, on February 4, 2019, the third half-month is H1 March; the sixth half-month is H2 April.

MOC FINAL STATE: Platts has changed the cut-off for last price changes to 16:27:59 and the final state (when there are no more price changes) to 16:28:00, both Singapore time, for bids and offers reported manually to the Platts market reporting team.

Please send all feedback, comments and questions to platts_lng_moc@spglobal.com and pricegroup@spglobal.com. For written comments, please provide a clear indication if comments are not intended for publication by Platts for public viewing. Platts will consider all comments received and will make comments not marked as confidential available upon request.