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JKM LNG derivatives cleared on exchanges hit record 5.03 mil mt in Jan

Singapore — JKM LNG derivative volumes cleared on exchanges in January surpassed 5 million mt as industry appetite for market-based pricing and risk management continues to burgeon.

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January volumes surged to 26,130 lots, or 5.03 million mt, which is the equivalent of 87 cargoes, according to data provided by the Intercontinental Exchange, or ICE, and Chicago Mercantile Exchange, or CME.

January's volumes were up 45% from December 2018 and nearly threefold the number for the same month last year.

Total open interest, which is a key indicator of overall market trading activity, on both exchanges also surged to a record of 30,426 lots at the end of January.

ICE cleared 25,605 of January's volumes, while the remaining volumes were cleared by CME.

The contracts are based on the first LNG spot price assessment the Platts JKM(TM), which was launched on February 2, 2009.

Market participants said that the number of counterparties have also been steadily increasing in recent months. Platts understands that there are over 45 active trading participants of LNG derivatives.

-- Kenneth Foo, kenneth.foo@spglobal.com

-- Edited by Ikhhlaq Singh Aujla, newsdesk@spglobal.com