Platts to solely reflect standard nomination deadlines in JKM MOC bids and offers

S&P Global Platts will consider for publication only bids and offers that reflect its existing editorial guidelines on nomination deadlines for the JKM assessment in the Asia Pacific LNG Market on Close assessment process from Dec. 16, 2021.

Currently, Platts considers for publication bids and offers with varying nomination deadlines in the APAC LNG MOC process for the JKM assessment, and normalizes them to the standard.

The change not to publish bids and offers with nomination deadlines that differ from Platts editorial guidelines will better streamline the price assessment process and reflects the rapidly increased standardization in this area in recent years, according to Platts data analysis.

Platts first proposed to solely reflect standard nomination deadlines in JKM MOC bids and offers in a subscriber note published Sept. 10, 2021: https://www.spglobal.com/platts/en/our-methodology/subscriber-notes/091021-platts-proposes-to-solely-reflect-standard-nomination-deadlines-in-jkm-moc-bids-and-offers.

Under Platts existing editorial guidelines, the delivery period reflected by bids and offers should typically be three to five days long, with the buyer to narrow to a one- or two-day delivery window 30 days before the first day of the traded delivery window.

For transactions reported through the MOC process, buyers should nominate a terminal within a delivery country at least 30 days before the first day of the traded delivery window.

From Dec. 16, 2021, buyers have the option to substitute delivery port within the same country up to 15 days before the first day of the traded delivery window, subject to ship shore compatibility study (SSCS), from the current 20 days nomination deadline (https://www.spglobal.com/platts/en/our-methodology/subscriber-notes/101921-platts-to-change-standard-deadline-for-same-country-delivery-port-nominations-in-jkm-lng-moc-from-dec-16).

Platts will however, continue to publish bids and offers with varying delivery port nomination deadlines within the same country, and these will be subject to normalization. Platts existing standard nomination deadline on loading port nomination states sellers have the option to nominate the loading port and may substitute loading port up to 30 days prior to the first day of the traded delivery window subject to the Gross Heating Value (GHV) quality range reported in the trade.

For bids or offers submitted in a volume range, the specific volume should be declared by the seller 30 days prior to delivery. Platts may consider for publication bids, offers and trades with varying volume nomination deadlines, and these would be subject to normalization if published.

On vessel nomination, sellers should nominate an LNG ship either 45 days prior to the first day of the traded delivery window or state the base vessel in the offer for more prompt delivery windows under Platts current editorial guidelines. Sellers may substitute delivery vessel up to 30 days prior to the first day of the traded delivery window, subject to SSCS.

Platts will continue to consider for publication, offers with delivery periods that fall within 30 days from the date of publication where buyers should nominate the discharge location and delivery window at trade confirmation. For bids with delivery periods that fall within 30 days from the date of publication, sellers should nominate the loading location and LNG vessel, and declare specific cargo volume at trade confirmation.

Furthermore, Platts will only consider for publication bids and offers with nomination deadlines for delivery window and discharge port that align with deadlines for load port, cargo volume and LNG vessel. Such nominations deadlines should fall on the same day -- either 30 days prior to the final delivery window, or 30 days prior to the traded delivery window. Unless stated otherwise by the counterparty at the time of providing data for publication, the bids and offers provided for publication in the APAC LNG MOC process should reflect the above standard.

Platts existing standard terms on nomination deadlines are as follows:

Please send all comments, feedback 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.