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Price Assessment

Platts Gulf Coast Marker (GCM) LNG Price Assessment

  • What is the Gulf Coast Marker (GCM)?
  • How do we assess Platts GCM?
  • Evolution of Platts GCM Price Assessment

What is the Gulf Coast Marker (GCM)?

On 16th June 2016, S&P Global Platts launched the Platts Gulf Coast Marker (GCM), a price assessment reflecting the daily export value of LNG traded free on board (FOB) from the US Gulf Coast.

The Platts GCM reflects bids, offers and transactions on an FOB US basis, normalized to the U.S. Gulf Coast, and expressed USD per British thermal units (MMBtu). The natural gas infrastructure that intersects the United States, Mexico and Canada is the world's largest and most integrated natural gas market. By 2020, the United States is expected to be the world's third largest producer of LNG, behind Australia and Qatar.

Unlike Australia, Qatar, and other large LNG exporting nations, US LNG does not have destination restrictions. There is also much more flexibility around offtake volumes. These factors make US LNG attractive for buyers and sellers looking to trade on a short term basis.

As the market continues to transact more often on a short term/spot basis (some experts predict that short term trade could account for as much as 43% of trade globally by 2020), US LNG prices will gradually play a growing role in influencing the price of LNG around the world.

How do we assess Platts GCM?

Platts GCM reflects the daily tradable value of a spot LNG cargo at the given loading period, based on trades, bids and offers observed by Platts pricing specialists, or in the absence of trade where a spot cargo may have been concluded.

During the daily price discovery process, we survey as broad a cross-section of the market as possible, including traders, producers, shippers, end-users and brokers. Market players are regularly contacted by phone, instant-message, email or face to face meetings by our global team of pricing analysts.

Information pertaining to current shipping costs and market supply/demand fundamentals -- such as production maintenances, tender issues, shipping and cargo movements and weather data -- is also taken into consideration during the Platts GCM price assessment process.

We publish reported bids, offers and trades during our MOC assessment process every day through real time services Platts Natural Gas Alert and Platts LNG Navigator.

In the absence of transactional data, Platts price reporters determine the most valuable netback for an exporter of US LNG based on prevailing market values in global demand centers such as Northeast Asia and Europe.

The Platts GCM assessment is published each business day and reflects market values prevailing at the close of US markets, at 14:30 (EST) on a standard ship size as defined by Platts LNG methodology.

Evolution of Platts GCM Price Assessment

The launch of Platts GCM followed a prolonged period of consultation with and feedback from the LNG industry, market participants and other stakeholders. It complements Platts JKM™, the established benchmark price for spot LNG globally, and Platts broader suite of LNG price references serving the Middle East, Australia, West India, Brazil, and Southwest and Northwest Europe.

S&P Global Platts LNG price references are published in Platts LNG Daily, the first daily independent news publication for the global LNG industry, and LNG Navigator, a fully customizable analysis and data platform.


Methodology and Specifications

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