Platts proposes adding Bilbao, Mugardos to base delivery ports in DES NWE LNG

Platts, part of S&P Global Commodity Insights, is proposing to add Bilbao and Mugardos in northern Spain as base delivery ports reflected in its Market on Close assessment process for DES Northwest Europe LNG Marker, effective June 16, 2023.

The proposed addition reflects changing trade practices around flexibility provided for cargoes historically categorized as having flexibility for delivery into Northwest Europe, following Platts analysis of market and trade data.

Under the proposal, Platts DES NWE Marker assessment would reflect deliveries into Isle of Grain, Zeebrugge, Gate LNG, Dragon LNG, Montoir, South Hook, Dunkirk, Bilbao and Mugardos.

Bids and offers into other Northwest European destinations would continue to be considered for publication.

Platts is also seeking feedback on whether to remove Bilbao and Mugardos from the Platts DES MED Marker assessment for cargoes into the Mediterranean, which includes all other ports into the Iberian Peninsula and up to Fos Cavaou.

Bids and offers into other Mediterranean destinations would continue to be considered for publication.

Platts DES NWE assessment reflects Isle of Grain, Zeebrugge, Gate LNG, Dragon LNG, Montoir, South Hook and Dunkirk.

Additionally, Platts proposes 30 days ahead of delivery for the seller to state a specific quantity (e.g. 3.5TBtu plus/minus 5% operational tolerance) for offers, bids and trades reported in a quantity range in the Atlantic LNG price assessment process.

Platts would continue to publish quantity ranges no greater than 0.3 TBtu in offers reported in the MOC process.

The affected assessments appear in LNG Daily, Platts LNG Alert pages 888, 889, 1820, 1821, 1830, 1831, Platts Natural Gas Alert pages 1020, 1044, 1046, 1047, 1048, 1049 and under the Platts price database codes below:

Assessments Code - Mavg

LNG NWE Spot DES AASXU00 AASXU03

LNG NWE Spot DES 0 Half-Month LNMDA00 LNNDA03

LNG NWE Spot DES 1 Half-Month AASXV00 AASXV03

LNG NWE Spot DES 2 Half-Month AASXW00 AASXW03

LNG NWE Spot DES 3 Half-Month AASXX00 AASXX03

LNG MED Spot DES AASXY00 AASXY03

LNG MED Spot DES 0 Half-Month LNNDA00 LNMDA03

LNG MED Spot DES 1 Half-Month AASXZ00 AASXZ03

LNG MED Spot DES 2 Half-Month AASYA00 AASYA03

LNG MED Spot DES 3 Half-Month AASYB00 AASYB03

Please send any questions, comments or feedback on this proposal to LNGeditorialteam@spglobal.com and pricegroup@spglobal.com by April 7, 2023.

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.