Platts enables implied functionality on eWindow for Asia-Pacific LNG derivatives July 16

Platts, part of S&P Global Commodity Insights, has enabled the implied spreads functionality on eWindow for its Platts Market on Close assessment process for Asia-Pacific LNG derivatives, effective July 16, 2025.

This functionality means that bids and offers for outright prices and intermonth and product spreads may result in the generation of additional "implied" bids or offers. An implied bid or offer represents the value for a specific instrument, as implied by bids and offers for related instruments, including those of the JKM and WIM hubs.

For example, a bid for a September JKM derivative and an offer for an October JKM derivative will generate an implied bid for the September-October JKM derivative spread on the Platts eWindow software. Implied bids and offers on eWindow will not generate headlines on Platts LNG Alert but will be visible via the eWindow communication tool. In the event that an implied bid or offer is traded, a headline will be generated with the prefix "IMPLIED," followed by additional headlines detailing each underlying leg and counterparty of the resultant trades.

An expression of interest to trade an implied bid or offer will result in one or more trades taking place on the related instruments that resulted in the implied bid or offer.

Expressions of interest to trade an implied bid or offer communicated to an editor may not be published if prevailing credit filters do not allow for a "mark interest" to be enacted.

This functionality will be automatically applied to any bids or offers in the Asia-Pacific LNG derivatives MOC.

The implied functionality will not yet include the JKM balance month-next day/M1 spread, with M0 indicating the pricing month. For example, the JKM balance month-next day/October spread will not be available during the pricing period for September JKM from July 16 to Aug. 15.

Further information is available in the FAQ(opens in a new tab) document.

Platts informed the market of this functionality for its MOC for Asia-Pacific LNG derivatives via a subscriber note(opens in a new tab) June 17.

Platts provides training to participants interested in learning more about the use of the implied eWindow functionality. Interested participants can contact ewindow@spglobal.com for training requests.

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.