Platts proposes changing loading period for LNG Gulf Coast Marker

S&P Global Platts is proposing to change the loading period for the Gulf Coast Marker to reflect LNG cargoes loading from the US Gulf Coast 30-60 days forward from the date of publication, effective June 1, 2021.

Platts is also proposing to discontinue the publication of the second, third and fourth half-month cycles from June 1, 2021, due to the proposed change in the assessed laycan of the GCM to a rolling loading window.

Currently, Platts assesses LNG cargoes for loading from the US Gulf Coast in three half-month cycles, namely the second, third and fourth half-month cycles forward from the date of publication. The GCM spot cargo assessment (LGCSM01) represents the average of the two half-month cycles, which comprise the first full month of loading, and rolls on the first business day of the month to reflect cargoes loading in the following month.

Under the proposal, the GCM spot cargo assessment would reflect cargoes loading 30-60 days forward from the date of publication, which Platts understands to be broadly typical in the spot market. For example, on March 1, the value of cargoes loading between March 31 and April 30 would be assessed, while on March 2, the assessment period would change to between April 1 and May 1.

This proposal follows an analysis of the market data published by Platts relating to LNG spot cargoes trading on FOB US Gulf Coast basis, which is the market and location GCM reflects.

The affected assessments appear in LNG Daily, Gas Daily Mexico, Platts LNG Alert pages 2810, 2811, Platts Natural Gas Alert pages 1034, 1045 and under the Platts price database codes below:

Assessments Code Monthly average

LNG FOB GCM spot cargo Mo01 LGCSM01 LGGCM31

LNG FOB GCM 1 Half-Month LUGCA01 LUGCA31

LNG FOB GCM 2 Half-Month LUGCB02 LUGCB32

LNG FOB GCM 3 Half-Month LUGCC03 LUGCC33

Please send any questions, comments or feedback to LNGeditorialteam@spglobal.com and pricegroup@spglobal.com by April 9, 2021.

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.