Platts changes loading period for the LNG Gulf Coast Marker

Following market feedback, S&P Global Platts has changed the loading period for the Gulf Coast Marker to reflect LNG cargoes loading from the US Gulf Coast 30-60 days forward from the date of publication from June 1, 2021

Platts also discontinued the publication of the second, third and fourth half-month cycles on June 1, 2021, due to the change in the assessed laycan of the GCM to a rolling loading window.

This change follows an analysis of market data published by Platts relating to LNG spot cargoes trading on an FOB US Gulf Coast basis, which is the market and location GCM reflects.

Platts first proposed changing the loading period for the GCM in a subscriber note published March 15, 2021: http://plts.co/sTnF30rFliO.

Formerly, Platts assessed LNG cargoes for loading from the US Gulf Coast in three half-month cycles, namely the second, third and fourth half-month cycles forward from the date of publication. The GCM spot cargo assessment (LGCSM01) used to represent the average of the two half-month cycles which comprise the first full month of loading, and would roll on the first business day of the month to reflect cargoes loading in the following month.

The GCM spot cargo assessment now reflects cargoes loading 30-60 days forward from the date of publication, which Platts understands to be broadly typical in the spot market. For example, on March 1, 2021 the value of cargoes loading between March 31, 2021 and April 30, 2021 would be assessed, while on March 2, 2021, the assessment period would change to between April 1, 2021 and May 1, 2021.

Additionally, Platts now publishes a new monthly average reflecting the calendar month of loading (LGCSM31) and a new daily month-to-date cumulative average for the calendar month of loading (LGCSM00). These new averages reflect the average of GCM assessments corresponding to days when the midpoint of the new assessed period (i.e. 45 days forward from the date of publication) falls within the loading month.

For example, the loading month average for August 2021 will reflect the average of GCM assessments published between June 17, 2021 and July 17, 2021, inclusive. The daily cumulative monthly average for cargoes to be loaded in August 2021 will be the average of month-to-date GCM assessments over June 17, 2021 to July 17, 2021 inclusive.

Platts existing daily cumulative monthly average for GCM (LGGCN00) continues to reflect the month-to-date average of GCM assessments published over a calendar month.

Affected assessments appear in LNG Daily, Gas Daily Mexico, Platts LNG Alert pages 2810, 2811, Platts Natural Gas Alert pages 1034, 1045 and under the Platts price database codes below:

Assessments Code Monthly average

LNG FOB GCM spot cargo Mo01 LGCSM01 LGGCM31

LNG FOB GCM 1 Half-Month LUGCA01 LUGCA31

LNG FOB GCM 2 Half-Month LUGCB02 LUGCB32

LNG FOB GCM 3 Half-Month LUGCC03 LUGCC33

LNG FOB GCM Month of Loading Cumulative Avg LGCSM00

LNG FOB GCM Month of Loading Cumulative Average MAvg LGCSM31

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