Platts changes JKM LNG cargo quantity standard specification

Platts, part of S&P Global Energy, has changed the standard cargo quantity specification reflected in the methodology for its JKM LNG benchmark and JKM Forwards price assessments, effective Feb. 16.

The Platts JKM assessment now reflects a standard cargo quantity range of 3.3-3.5 TBtu +/- 5% operational tolerance at the seller's option, compared with the previous standard of 3.4 TBtu +/- 5% operational tolerance at the seller's option.

Quantity ranges other than 3.3-3.5 TBtu and discrete quantities will be considered and normalized to this standard for assessment purposes, but the maximum range stated in offers should be no greater than 0.3 TBtu.

This change was proposed in a subscriber note published on Nov. 11, 2025, subsequent to a consultation that commenced on Aug. 26, 2025.

The proposal and consultation were based on market feedback that the most commonly traded cargo quantity in the Asia-Pacific spot market has evolved in recent years due to the rise of portfolio-based trading, diversification of supply origins, and greater flexibility within destination markets in Northeast Asia.

A decision note was published on Jan. 7, 2026.

For bids, offers, and trades submitted in a volume range, the seller retains the option to declare the discrete volume latest by 30 days prior to the initial delivery window.

Accordingly, bids, offers, and trades with delivery windows more prompt than 30 days from the assessment date continue to reflect a standard cargo quantity of 3.4 TBtu. Other quantities are considered and normalized to this standard for assessment purposes. However, Platts does not publish any prompt offer with a quantity range.

JKM Forwards

Furthermore, the standard deliverable cargo volume stemming from a convergence of JKM Forwards trades is now 3.3-3.5TBtu +/- 5% operational tolerance at the seller's option range, in line with the proposed JKM standard cargo volume, compared with the previous standard of 3.4 TBtu +/- 5% operational tolerance at the seller's option.

The converged cargo continues to be priced on a $/MMBtu basis at the arithmetic mean of the 10 JKM Forwards (of 340,000 MMBtu each) that make up the converged cargo.

Platts also continues to reflect trades in which any outstanding front-month JKM Forwards, which amount to less than 3.4 TBtu by the 15th of the month, or the nearest prior business day if the 15th is a holiday, are cash settled.

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