LNG

September 30, 2026

Platts clarifies publication schedule of LNG JKM-NWE derivatives and Sea Stream assessments

Platts, part of S&P Global Energy, wishes to clarify the monthly publication schedule of its JKM-Northwest Europe (NWE) LNG derivative differential assessments, and the roll methodology of its Sea Stream regasified LNG (RLNG) assessments.

This clarification follows the change to the monthly roll timing of DES Northwest Europe LNG assessments, effective Aug. 17, 2026.

JKM-NWE derivative differentials

Platts publishes price assessments for JKM and NWE LNG financial derivatives for 12 calendar months, balance-month next-day, two active quarters, two seasons and the active three forward calendar years. The the start of each forward curve aligns with the benchmark pricing month of the corresponding physical LNG assessment.

Platts also publishes corresponding JKM-NWE differential assessments across the same forward periods.

Platts clarifies that its seasonal and quarterly JKM-NWE derivative differentials roll in line with the underlying JKM-NWE monthly differential assessments comprising the relevant quarter and season. For example, on Nov. 13, when December is the front-month derivative period, the first quarter derivative will reflect the first quarter of 2027. On Nov. 16, the first-quarter assessment rolls to Q2.

Following the recent change to the roll logic of the underlying NWE LNG physical assessment, Platts is clarifying the publication schedule of the JKM-NWE monthly differential assessments as follows:

  • The code LFDFA01 reflects the Month 1 (M1) differential from the first business day of each month through to five business days prior to the 16th. No M1 differential is published during the five business days preceding the 16th. For example, from Oct. 1-8, 2026, LFDFA01 reflects the spread between November JKM derivatives and November NWE derivatives. No assessment is published from Oct. 9-15, 2026.
  • From the 16th, or the first business day thereafter, LFDFA01 reflects the new front-month JKM-NWE differential following the roll of the underlying JKM derivative contract and the corresponding NWE month. For example, from Oct. 16-31, 2026, LFDFA01 reflects the spread between December JKM derivatives and December NWE derivatives following the roll of the JKM derivative contract to December on Oct. 16.
  • Similarly, the Month 12 (M12) differential (NWEBN00) is published from the first business day of each month through the 15th and ceases publication from the 16th following the roll of the underlying JKM derivative assessments.

As a result, Platts will no longer publish the LNG DES Japan Korea Marker (JKM) Financial Balance-Month Next-Day versus LNG DES Northwest Europe (NWE) Financial Balance-Month Next-Day differential assessment (NWEBJ00), effective Sept. 30. The quarterly and seasonal JKM-NWE differentials remain unaffected by the intra-month roll of the monthly assessments and continue to publish for the full curve.

Sea Stream

Separately, Platts clarifies that its Sea Stream RLNG assessments continue to reflect prices of delivered-at-place regasified LNG in the month corresponding to the DES Northwest Europe LNG front-delivery month.

Following the change to the monthly roll timing of DES Northwest Europe LNG assessments, effective Aug. 17, 2026, Sea Stream RLNG assessments roll on the first business day of each calendar month. For example, all assessments published during September reflect October delivery. On the first business day of October, the assessments will roll to reflect November delivery. This clarification applies to all Sea Stream RLNG assessments and related differential assessments.

Full details of Platts LNG assessments are available in the Global LNG Specifications Guide.

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.