S&P Global Platts will launch new monthly, quarterly, seasonal and calendar year West India Marker (WIM) LNG derivative assessments from May 3, 2021.
Platts will publish four monthly derivative assessments including the WIM pricing month and three forward months from the pricing month, next two active forward quarters, next two active seasons and three forward calendar years.
The new WIM LNG derivative assessments will be published in dollars per million British thermal unit ($/MMBtu) to three decimal places at the close of Asian trade at 4:30 pm Singapore time (0830 GMT), and will follow the Singapore publishing schedule. The WIM LNG derivative assessments will settle on the average of the Platts physical WIM assessments (price database code AARXS00). Platts will take into consideration bids, offers and trades for a minimum of 25 lots (one lot is equivalent to 10,000 MMBtu) for these assessments, matching the minimum lot size in its existing JKM derivative assessments.
The monthly WIM LNG derivative assessments will reflect the WIM pricing month and three months forward. For example, on May 3, 2021, Platts assesses the physical WIM for June delivery, and assesses WIM derivatives for June, July, August and September. These assessments roll over on the 16th of each calendar month unless that day is not a business day, in which case the assessments roll over on the following business day. For example, on May 16, 2021, the WIM derivative assessments roll over to July, August, September and October.
Quarterly assessments will reflect the two quarters beyond the active forward quarter, or forward quarter +1 and forward quarter +2. For example, if the physical WIM pricing month is for June delivery, then the quarterly derivative assessments will be the third and fourth quarter of the calendar year. Each quarterly assessment rolls over as pricing begins on the first month of each new quarter.
Seasonal assessments will reflect the two seasons beyond the active forward season, or forward-season +1 and forward-season +2, for summer or winter deliveries. Seasons will be defined as follows: Summer represents April to September, and Winter represents October to March.
The seasonal assessments roll over on the first pricing day when the WIM pricing month is either April or October. For example, on Feb. 16, 2021, Platts will assess Winter 2021 and Summer 2022 prices. On Aug. 16, 2021, Platts will assess Summer 2022 and Winter 2022 prices.
The three calendar year assessments will reflect the calendar years beyond the active calendar year, and roll over on the first business day of the year. For example, in December 2021, Platts will assess Cal 2022, 2023 and 2024. In January 2022, these calendar year assessments will roll over to Cal 2023, 2024 and 2025.
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