2025 JKM futures traded volumes hit annual record; end-Dec OI reaches new high

JKM futures traded volumes climbed for the fourth consecutive year in 2025, reaching a record high of 1,321,696 lots, representing a 36.8% year-over-year increase, according to data compiled from Intercontinental Exchange and Chicago Mercantile Exchange.

Open interest also climbed to a new high by year-end. End-December open interest in JKM monthly and balmo futures reached a record 214,104 lots, according to ICE and CME data on Dec. 31.

This marked a 6.86% increase from November, the previous record, and was 68.95% higher year over year.

ICE accounted for 96.83% of total open interest, comprising 199,141 lots in monthly futures and 8,183 lots in balmo futures, while CME made up the remaining 6,780 lots, all in monthly futures.

Total traded volumes in December totaled 130,256 lots, falling 8.84% month over month amid the year-end holiday lull, but more than doubling year over year.

The traded volume equated to roughly 25.05 million mt of LNG, or about 395 cargoes.

All December volumes were cleared on ICE, with the JKM monthly futures accounting for 117,253 lots while balmo futures contributed 13,003 lots.

Trading in the JKM monthly contract remained concentrated at the front of the curve, with liquidity thinning further out. Total traded volume for 2026 reached 91,342 lots, underpinned by strong participation in the first quarter, which accounted for 45,555 lots, or nearly half of the annual total.

The February 2026 contract saw 22,797 lots traded, representing 24.96% of total volumes, while March 2026 recorded 22,758 lots, or 24.92%, making them the most actively traded delivery months.

Since the start of the pricing period, Platts JKM prices for February deliveries have been rangebound within the mid- to high-$9s/MMBtu range, compared with $12-$14/MMBtu over the same period in 2024.

End-user demand for spot LNG cargoes remained limited as utilities held sufficient inventories, resulting in the absence of an Asian premium, with marginal cargoes instead directed toward the Atlantic basin, market sources said.

Further down the curve, volumes for 2027 declined to 19,440 lots, with monthly trading generally ranging between 1,184 and 2,329 lots. The downward trend continued into 2028 and 2029, where total volumes fell to 4,551 and 1,920 lots, respectively. By 2029, monthly activity was consistently limited to around 150-170 lots.

Meanwhile, trading in the JKM Average Price Options contract slowed sharply, with traded volumes falling 83.19% month over month to 800 lots. End-month open interest in options, however, edged higher by 2.45% to 10,930 lots.