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SUBSCRIBER NOTE: Outright, floating prices in Platts LNG MOC process

Singapore (Platts)--27Jun2018/800 am EDT/1200 GMT S&P Global Platts physical LNG price assessments use a variety of inputs, including outright price bids/offers, floating price bids/offers, and combinations of fixed and floating prices.

Participants in the Platts Market on Close assessment process may submit for publication bids and offers that include a price basis and a differential to that basis, and should clearly state the basis period -- for example "basis JKM Jul 16-Aug 15".

Platts establishes the hedgeable, outright value of floating and spread price indications by applying them to the observable, prevailing value of underlying relevant derivatives instruments.

The objective is to assess the prevailing tradeable outright price of the commodity at the close of the market assessment period.

Outright price submissions take precedence in the editorial process at all times.

For example, an outright price bid or offer (i.e. $11.50/MMBtu) may invalidate a floating price basis bid or offer (i.e. JKM plus $1.00/MMBtu) during the assessment process if the prices demonstrably coexist in conflict at any moment in time.

All transactions, or bids/offers, during Platts MOC are normalized to a market on close value for the purposes of assessment.

Please send any comments, questions or feedback to platts_lng_moc@spglobal.com and pricegroup@spglobal.com.

For written comments, please provide a clear indication if comments are not intended for publication by Platts for public viewing.

Platts will consider all comments received and will make comments not marked as confidential available upon request.