SUBSCRIBER NOTE: Platts to start trade weighting in daily, monthly N. Amer natural gas indices

Following consultation and review of the trade weighting proposal note originally published on April 18, 2017, S&P Global Platts has decided to incorporate Intercontinental Exchange trade data with Platts Price Reporter (PR) trade data in its North American natural gas indices as described below.

As previously announced on May 19, Platts will begin publishing preliminary daily indices in parallel with ICE daily indices on trade date August 31 for September 1 gas flow. The daily indices will be published in parallel for a minimum of two months and a maximum of three months. Platts will begin publishing preliminary monthly indices in parallel with ICE monthly indices on trade date September 25 for October bidweek. The monthly indices will be published in parallel for a minimum of two and a maximum of three bidweek periods.

1. Preliminary Daily Indices For Platts And ICE Locations: The only trade data used in these indices will be ICE trades sourced from ICE. Both the buy and sell side of ICE trades will be counted in the indices, regardless of whether the counterparties are Platts price reporters.

2. Final Daily Indices For Platts Locations: The trade data used in these indices will be: a. All Platts PR trades submitted via email or ICE eConfirm b. All ICE trades sourced from ICE

Duplicates will be removed from the ICE trade data and both the buy and sell side of ICE trades will be counted in the indices. For PR trades not done on ICE, only the buy or sell side reported by the price reporter will be counted in the indices. In addition, Platts will continue to screen for outlying data using existing mechanisms as well as verifying trade data that occurs outside of the transparent trading range observed on ICE.

3. Final Daily Indices For ICE Locations: The only trade data used in these indices will be ICE trades sourced from ICE. Both the buy and sell side of ICE trades will be counted in the indices, regardless of whether the counterparties are Platts price reporters.

4. Preliminary Monthly Indices For Platts Locations: The trade data used in these indices will be: a. All ICE trades which include Platts PR trades sourced from ICE b. Platts PR trades not done on ICE submitted via email or ICE eConfirm

Any duplicate ICE trade will be removed from the PR data and both the buy and sell side of ICE trades will be counted in the indices, regardless of whether the counterparties are Platts price reporters. For PR trades not done on ICE, only the buy or sell side reported by the PR will be counted in the indices. In addition, Platts will continue to screen for outlying data using existing mechanisms as well as verifying trade data that occurs outside of the transparent trading range observed on ICE.

5. Preliminary Monthly Indices For ICE Locations: The only trade data used in these indices will be ICE trades sourced from ICE. Both the buy and sell side of ICE trades will be counted in the indices, regardless of whether the counterparties are Platts price reporters.

6. Final Monthly Indices For Platts Locations: The trade data used in these indices will be: a. All Platts PR trades submitted via email or ICE eConfirm b. All ICE trades sourced from ICE

Duplicates will be removed from the ICE trade data and both the buy and sell side of ICE trades will be counted in the indices. For PR trades not done on ICE, only the buy or sell side reported by the price reporter will be counted in the indices. In addition, Platts will continue to screen for outlying data using existing mechanisms as well as verifying trade data that occurs outside of the transparent trading range observed on ICE.

7. Final Monthly Indices For ICE Locations: The only trade data used in these indices will be ICE trades sourced from ICE. Both the buy and sell side of ICE trades will be counted in the indices, regardless of whether the counterparties are Platts price reporters.

Platts will monitor reported transactions and all indices to ensure they properly reflect market value. Any further need to amend the methodology will be communicated as per editorial standards.

Please send any comments on the above to gas_survey_comments@platts.com and pricemethodology@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.