Platts to launch H+6 Atlantic LNG physical eWindow instruments

Platts, part of S&P Global Energy, will launch sixth half-month forward cycle (H+6) instruments for the Platts Editorial Window (eWindow) communication tool for its Atlantic LNG physical Platts Market on Close assessment process for its DES Northwest Europe, DES Mediterranean and DES East Mediterranean price assessments, effective Aug. 3.

This addition follows the launch of the H+6 assessments on April 1 and reflects increasing liquidity and market activity for LNG deliveries further forward along the European LNG forward curve.

The new instruments represent the sixth half-month forward delivery cycle from the date of publication. The H+6 assessments roll on the 16th day of each calendar month, or the first business day thereafter if the 16th falls on a non-working day.

Other Atlantic LNG MOC functionality remains unchanged.

Participants in the MOC can submit bids, offers and trades for publication directly through the eWindow communication tool or through a price reporter, who would then publish the information using the software.

Market participants can state their specific bid or offer delivery windows within these instruments and can specify delivery locations consistent with existing Atlantic LNG physical eWindow functionality.

The instruments allow for a variety of pricing bases. Platts will publish bids and offers in the MOC that start at a reasonable level relative to published market values.

The eWindow instruments generate headlines of bids, offers and trades published in real time on Platts LNG Alert.

TIMING: All bids and offers must be submitted by 16:00:00.000 London time.

INCREMENTABILITY: Bids and offers can be improved by a maximum of $0.05/million British thermal units every 30 seconds.

As per Platts editorial guidelines, buyers or sellers can withdraw bids and offers at any time when communicating through eWindow, provided no prior interest to transact has been expressed by any potential counterparty.

All bids and offers are firm from the moment submitted into eWindow to the moment they are traded, the MOC closes or the bid or offer is withdrawn from the system by the trader or a Platts editor.

Market participants can continue to send bids and offers directly to an LNG editor for publication via eWindow.

In markets where Platts eWindow is in operation, the eWindow clock will be used to determine the correct sequence of events when a bid or offer is amended, withdrawn or traded by an interested counterparty.

Bids or offers submitted by phone, or any other medium, such as instant messaging software, shall be measured at the time the bid, offer or trade indication is actually transmitted through the eWindow system via the editor.

Guidelines for the publication of bids and offers in the MOC are published in the LNG Timing and Increment Guidelines, available here: LNG Timing and Increment Guidelines.

Full information relevant to these assessments can be found in the Global LNG Specifications Guide.

Platts expects credit relationships that prevail inside its assessment environment to fully reflect relationships in the markets as a whole.

The eWindow provides direct entry and management of credit filters, which should mirror those normally applied in the marketplace.

Where Platts editors publish bids and offers on behalf of a company that submits data to an editor, counterparty credit settings are set to "open" for regular participants in the assessment process unless companies have notified Platts in advance of any restrictions.

If a counterparty submitting information through an editor has not already notified Platts of any counterparty credit restrictions, it should notify Platts at least one hour prior to the start of the MOC if any counterparty credit filters need to be modified.

Please send all feedback, comments 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.