Platts launches Sea Stream price assessments for European regasified LNG

Platts, part of S&P Global Commodity Insights, has launched natural gas price assessments reflecting the value of regasified LNG (RLNG) at four German import terminals, effective April 16, 2025.

RLNG locational price assessments are net forwards of the prevailing Platts Northwest European marker using the industry-leading LNG benchmark as its basis.

Costs such as terminal fees, regasification, marine fuel and emissions are included to determine a delivered-at-place (DAP) value for natural gas.

The new assessments reflect prices of DAP RLNG in the month that matches the DES NWE LNG front-delivery month, as part of the Atlantic Basin Assessments in Platts Specifications Guide Global LNG (https://www.spglobal.com/commodityinsights/en/our-methodology/methodology-specifications/lng/liquefied-natural-gas-lng-assessments-and-netbacks-methodology),for three terminal locations at Mukran, Brunsbuttel and Wilhelmshaven in Germany.

For example, on June 15, the DAP RLNG assessments will reflect July deliveries; the next business day after June 15, the assessments will roll to reflect August deliveries.

Platts has additionally launched assessments for short-term capacity and aggregated-capacity costs per terminal, with the latter a weighted average of short- and-long-term capacity costs. These will be published daily per terminal in $/MMBtu.

The new symbols for each location in $/MMBtu are as follows:

Mukran DAP RLNG: RNMRA00

Mukran ST capacity cost: RNMRY00

Mukran Agg. capacity cost: RNMRZ00

Brunsbuttel DAP RLNG: RNMRG00

Brunsbuttel ST capacity cost: RNMUC00

Brunsbuttel Agg. capacity cost: RNMUD00

Wilhelmshaven DAP RLNG: RNMRM00

Wilhelmshaven ST capacity cost: RNMUA00

Wilhelmshaven Agg. capacity cost: RNMUB00

Additionally, Platts has launched arbitrage assessments providing a differential, reflecting the spread between RLNG front-month assessments and respective THE month-ahead equivalents.

For example, on June 15, the arbitrage-differential assessments will reflect the spreads between the value of DAP RLNG available at the German terminals in July and THE month-ahead (July); the next business day after June 15, the differential will reflect the spreads between the prices of DAP RLNG available at the German terminals in August and THE second month-ahead (August).

All RLNG and differentials are assessed in $/MMBtu, and then converted into Eur/MWh and pence/therm daily, utilizing standard conversion factors (https://www.spglobal.com/commodityinsights/en/our-methodology/conversion-tables)and prevailing foreign exchange rates at the time of the assessment.

In determining the RLNG versus THE differential assessments, the existing conversions for the German THE will be used in accordance with Platts Specification Guide European Gas (https://www.spglobal.com/commodityinsights/en/our-methodology/methodology-specifications/natural-gas/european-gas-methodology).

The new symbols for all differentials and conversions are as follows:

The new assessments reflect the value at the close of the market at 4.30 pm London time and will follow the UK publishing schedule.

Platts will publish the assessments on the LNG Alert newswire (fixed page ref: LNG1900) and the LNG Daily publication, alongside existing coverage on these services.

The assessments were first proposed in a subscriber note published Feb. 21 and available here. A clarification note on the exclusion of the Stade terminal in Germany was published on April 9, 2025.

Please send comments, questions, and any other feedback about this proposal to LNGeditorialteam@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.