LNG

November 06, 2026

Platts consults on potential change to JKM LNG benchmark gross heating value (GHV) specification

Platts, part of S&P Global Energy, is opening a consultation on a potential change to the gross heating value (GHV) quality range reflected in its JKM LNG benchmark, as well as the timing of any potential change.

The consultation follows market feedback and data showing an increase in lower GHV cargoes delivered into Northeast Asia, particularly from the US. The Platts JKM assessment currently reflects cargo deliveries with a GHV of 1,030-1,130 Btu/scf.

Platts analysis of January-October 2026 cargo shipments shows that 77% of cargoes loaded from sources with a GHV clearly within the 1,030-1,130 Btu/scf range, while a further 16% loaded from sources with a GHV potentially within the 1,020-1,030 Btu/scf range.

Platts currently publishes bids, offers and trades for cargoes at these lower GHV specifications, but these are normalized for reflection in the benchmark assessment.

Platts is seeking feedback on whether the minimum GHV reflected in the JKM should be lowered, for example to 1,020 Btu/scf. If the lower limit is revised, bids, offers and trades specifying a GHV within the revised range would be reflected in the Platts JKM assessment process without value normalization.

The focus of the consultation includes, but is not limited to:

  • Whether the JKM should reflect a lower minimum GHV, and if so, at what level.
  • Alternatively, whether the current 1,030-1,130 Btu/scf range should be retained, with bids, offers and trades specifying 1,020-1,130 Btu/scf normalized to the JKM standard.
  • Any operational or cost implications for end-users in the event of a change.
  • Whether March 2027 would be an appropriate implementation date in the event of a change, or whether an alternative date would be appropriate.
  • Any other approach Platts should consider.

Bids, offers, and trades specifying other GHV ranges would continue to be normalized to the Platts JKM standard specification, in line with Platts' existing methodology.

Please send all comments, feedback and questions to lngeditorialteam@spglobal.com and pricegroup@spglobal.com by Dec. 10, 2026.

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.