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Platts to change netback structure, basis of LNG FOB Middle East Netback

S&P Global Platts is changing the netback structure and expand the basis locations of the LNG FOB Middle East Netback assessment (Symbol: AARXQ00), effective April 16, 2020.

Platts will publish FOB Middle East as a single netback value using the forward inter-month structure of the West India assessment, instead of that of the JKM assessment.

Platts West India LNG assessment (Symbol: AARXS00) reflects spot cargoes delivered ex-ship to west India. The FOB Middle East assessment will be calculated by subtracting from the west India price:

1) The forward structure across the third half-month (Symbol: LMEAB00) and fifth half-month (Symbol: LMEAD00) periods of the DES West India assessment.

2) The freight rate of the three-day voyage between the Middle East and west India.

For example, on December 9, 2020, if DES West India H1 Jan, H2 Jan and H1 Feb are $5/MMBtu, $5.05/MMBtu and $5.10/MMBtu, respectively, and the freight rate is 32 cents/MMBtu, the FOB Middle East Netback would be assessed at $4.70/MMBtu.

Platts currently calculates the forward structure across the first half-month (Symbol: AAPSU00) and third half-month (Symbol: AAPSW00) periods of the JKM assessment.

Additionally, Platts is expanding the base locations reflected in the FOB Middle East netback assessment to include Qalhat LNG terminal in Oman. The current base ports are Das Island in Abu Dhabi and Ras Laffan in Qatar.

These price assessments are published in Platts LNG Daily, as well as on the Platts Natural Gas Alert (PGN) page 1042 and Platts LNG Alert (LNG) page 830.

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