Asian LNG MOC hits record activity for 2025 deliveries on strong spot liquidity, JKM linkage

Spot LNG cargo activity in the Asian LNG cargo Platts Market on Close assessment process rose 132.2% year over year to record high levels for 2025 deliveries, as market participants sought greater price transparency and more active position management.

A total of 5,739 bids, offers and trades were reported by 40 companies during the JKM pricing periods for 2025 deliveries -- the highest annual total so far, Platts data show. Platts is part of S&P Global Energy.

MOC participation was strongest in the third and fourth quarters, reflecting intensified efforts to hedge price exposure and position ahead of the winter demand season, according to the data. Bid-side activity peaked in the third quarter, reaching 335 bids during the July and September pricing periods, while offer-side participation concentrated toward year-end, with 432 offers reported in December.

A similar seasonal pattern was observed for 2024 deliveries, although at lower levels, highlighting a recurring trend in which sellers frontload offers during winter pricing windows to align with heating-driven Northeast Asian demand.

For 2024 deliveries, bid-side activity peaked at 118 in August, while offers reached 245 during the January winter window, according to the data.

While most MOC activity remained focused on the Japan-Korea-Taiwan-China region, reported bids and offers into Thailand and India rose significantly, Platts data show. Deliveries to Thailand and India totaled 87 and 72, respectively, marking a 165% year-over-year increase and underscoring expanding interest beyond the core Northeast Asian markets.

Trade execution strengthened in line with higher overall participation. Reported trades for 2025 deliveries reached 228, up 82.4% from the previous year, the data show.

Trading volume exceeded 2024 levels across most pricing periods, with notable peaks of 34 trades in December and 27 trades in both June and October, according to the data. In contrast, 2024 delivery trades largely stayed within single- or low double-digit levels, with only the January window surpassing 30 trades.

Among the 29 market participants that traded, Vitol emerged as the largest buyer, purchasing 58 cargoes, while Shell was the largest seller, selling 65 cargoes.

The majority of traded bids specified deliveries to China with 92 cargoes, followed by Japan with 24 and South Korea with nine, Platts data show.

In 2025, China imported 67.45 million mt of LNG, Japan imported 65.61 million mt and South Korea imported 48.03 million mt, according to S&P Global Energy CERA.

On the supply side, the most frequently referenced origins were the US with 26 cargoes, followed by Australia with 24 and Malaysia with 22, Platts data show.

The US exported a record 113.91 million mt of LNG in 2025, up 26.7% year over year, reinforcing its role as a key marginal supplier in the spot market, according to CERA. Australia and Malaysia exported 78.82 million mt and 28.43 million mt, respectively, according to CERA.

JKM-linked pricing

Pricing references used across reported bids, offers and trades in the MOC showed a higher share linked to JKM during the 2025 delivery pricing periods, Platts data show.

The share of activity linked to the Platts JKM benchmark rose to 65.4% in 2025 from 50.13% in 2024, signaling stronger adoption of JKM as the preferred index for Asian spot LNG trade, according to the data.

Meanwhile, entries linked to the Dutch TTF index declined to 3.03% from 16.01% a year earlier, the data show.

The decline in TTF-linked activity reflected fewer bids, offers and trades destined for Asia using European gas hub pricing, amid differing regional supply-demand dynamics and increased use of JKM pricing in the region.

Flat-price activity remained broadly stable at 31.46%, compared with 33.38% in 2024, while WIM-linked activity was at 0.1% after no reported usage the previous year, according to Platts data.

The increased uptake of JKM-linked pricing in the physical market was reflected in the derivatives space.

Reported JKM derivatives trades during the Asian MOC rose 81.4% year over year to 3,777 trades, or 94,425 lots, according to the data. This is equivalent to about 18.16 million mt, or roughly 286 LNG cargoes.

Overall derivatives activity also strengthened, with 10,170 bids and 9,347 offers in 2025, up from 7,184 and 7,383, respectively, the previous year, Platts data show.