Platts to launch Atlantic LNG physical eWindow on Sept. 24

S&P Global Platts will launch the Platts Editorial Window, or eWindow, communication tool for its Atlantic LNG physical Market on Close (MOC) assessment process for its DES Northwest Europe (NWE), DES Mediterranean (MED) and FOB Gulf Coast Marker (GCM) price assessments on Sept. 24, 2021.

Participants in the Platts MOC process will be able to submit bids, offers and trades for publication directly through the eWindow communication tool or through an editor, who would then publish the information using the software.

The instruments to be launched for the Platts Atlantic LNG will be from the third to the fifth half-month forward (H+3 to H+5) in dollars per MMBtu for the DES NWE and DES MED assessments, and 30-60 days forward for FOB GCM.

Market participants can state their specific bid or offer delivery windows -- for example, 3-day or 5-day delivery or loading windows -- within these instruments.

The instruments will allow for a variety of different delivery or loading locations to be used in bids and offers, such as: DES UK, DES Spain, etc.

For delivery locations that are not listed individually, market participants can select "DES in TQC" and input the details directly the DES basis of the bid or offer in the Terms, Quality & Comments (TQC) box.

The instruments will allow for a volume range to be expressed for bids and offers, up to 0.3 TBtu.

If the bid or offer is in a volume range, then the instrument called Platts Atlantic LNG (Qty Range) would be selected.

The instruments will also allow for a variety of pricing basis.

Market participants can also input directly other terms related to their bids or offers in the TQC box.

The eWindow instruments will generate a different format for headlines of bids, offers and trades published on Platts LNG Alert and via other Platts services.

Full details of how these headlines will appear will be shared closer to the launch.

TIMING: All bids and offers will continue to have to be submitted by 16.00.00.000 London time.

Following any trade, market participants will have 60 seconds to rebid or re-offer.

No price changes are allowed from 16:28:00:000 to the close of the MOC process at 16.30.00.999.

A rebid or re-offer, following a trade, in last 120 seconds prior to the close of the MOC will trigger a 120-second extension from 16.30.01.000 to 16.32.00.999, in order to adequately test that rebid or re-offer.

INCREMENTABILITY: Bids and offers can be improved by a maximum of 0.05/MMBtu and a minimum of $0.01/MMBtu every 120 seconds.

As per Platts editorial guidelines, buyers or sellers can withdraw bids/offers at any time when communicating through eWindow, provided no prior interest to transact has been expressed by any potential counterparty.

All bids and offers are firm from the moment submitted into eWindow to the moment they are traded, the window period closes or the bid/offer is withdrawn from the system by the trader or a Platts editor.

Market participants can still send bids and offers directly to an LNG editor for publication via eWindow.

In markets where Platts eWindow is in operation, the eWindow clock will be used to determine the correct sequence of events when a bid or offer is amended, withdrawn, or traded by an interested counterparty.

Bids or offers submitted by phone, or any other medium, such as instant messaging software, shall be measured at the time the bid, offer or trade indication is actually transmitted through the eWindow system via the editor.

Guidelines for the publication of bids and offers in the MOC process are published in the LNG Timing and Increment Guidelines available here:

https://www.spglobal.com/platts/en/our-methodology/methodology-specifications/lng/lng-timing-and-increment-guidelines

Full information relevant to these assessments can be found in the Global LNG specifications guide available here:

https://www.spglobal.com/platts/en/our-methodology/methodology-specifications/lng/liquefied-natural-gas-lng-assessments-and-netbacks-methodology

Platts expects credit relationships that prevail inside its assessment environment to fully reflect relationships in the markets as a whole.

The eWindow provides direct entry and management of credit filters which should mirror those normally applied in the marketplaces.

Where Platts editors publish bids and offers on behalf of a company that submits data to an editor, counterparty credit settings are set to 'open' for regular participants in the assessment process unless companies have notified Platts in advance of any restrictions.

If a counterparty submitting information through an editor has not already notified Platts of any counterparty credit restrictions, it should notify Platts at least one hour prior to the start of the MOC process if any counterparty credit filters need to be modified.

Please send all feedback, comments and questions 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.