SUBSCRIBER NOTE: Platts updates MOC guidelines for European LNG

S&P Global Platts is updating editorial guidelines for its Market on Close assessment process for LNG in Europe. The guidelines are aimed at bringing greater clarity and transparency to the assessment process used in assessing delivered prices of LNG into European terminals. Besides information published in the MOC, Platts editors also engage directly with producers, consumers, traders, brokers and shippers to gather price information. Platts will publish bids, offers and interest to trade from approved participants in the Europe LNG MOC process in line with the following editorial standards and guidelines. For more information on the counterparty review process, please visit https://www.spglobal.com/platts/en/our-methodologies/market-on-close. Entities that wish to participate in the MOC should contact pricegroup@spglobal.com. Timing and Increments: Buyers and sellers must submit any bids and offers with complete information to Platts editors by phone, instant-message or email before 16:00:00 London time for consideration to be published as part of the MOC process. Bids and offers can be submitted for consideration to be published throughout the day up until 16:00:00 London time. Only bids and offers that are raised or lowered in realistic increments are considered within the assessment. Counterparties can improve the price of their published bids and offers by up to 5 cents/MMBtu every 2 minutes from 16:00:00 to 16:27:59. No price changes are published in the final two minutes of the MOC that concludes at 16:30:00 London time. Buyers and sellers may withdraw their bids or offers at any time during the MOC by communicating the same to Platts editors. Counterparties must clearly communicate their interest to trade a published bid or offer to Platts editors. Platts MOC guidelines are a key component of its assessment methodology, essential to an orderly and transparent price formation process. Volume and Location: Bids and offers submitted as part of the Platts Southwest Europe (SWE) and Northwest Europe (NWE) LNG price assessment process should clearly state the volume of the cargo in MMBtu/TBtu. Trades, bids and offers should also contain information on: Seller, Buyer, Delivery Terms (port location and Incoterm), Delivery Window, Quantity (in MMBtu), Quality (in Btu/scf), Price (in $/MMBtu), Credit Terms and Other Terms. Bids and offers that are expressed with a basis, e.g. NBP, TTF, JKM or Brent related, must clearly state the period and terms of settlement. Bids and offers should also include delivery windows and associated nomination periods, discharge locations and associated nomination periods, associated nomination periods for loading location as well as associated nomination period for the vessel. GT&Cs: Counterparties are expected to perform on trades reported in the MOC based on typical general terms & conditions (GT&Cs) as well as credit terms that have been applied and accepted by both counterparties in the open market. If an offer is lifted by a buyer during the Platts MOC process, Platts would expect typical GT&Cs and credit terms between both parties to be applicable, even where the GT&Cs and credit terms stated in the originally published offer may differ, if the companies have not conventionally performed on the published terms. For more information on Platts LNG benchmark prices and how they are assessed, please visit: https://www.spglobal.com/platts/plattscontent/_assets/_files/en/our-methodolo gy/methodology-specifications/lngmethodology.pdf. Information on LNG MOC bids, offers and trades can be seen on https://lng-moc.plattslabs.io, and on Page 700 of Platts Natural Gas Alert(NGA), and can be submitted to Platts editors via platts_lng_moc@spglobal.com, ICE Chat: Platts_Europe_LNG_Financial/Platts_Europe_LNG_Physical, or +44 (0) 207176 3506. Please send any feedback or 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.