Platts proposes to change publishing schedule for GCM, WIM LNG pricing month derivative assessments
Platts, part of S&P Global Energy, has proposed shortening the publication windows for two LNG derivative assessments, the US Gulf Coast Marker (GCM) front-month assessment and the West India Marker (WIM) pricing-month assessment, effective November 16, 2026. Citing limited trading liquidity in the final five assessment days before expiry, Platts would also stop publishing certain physical bids and offers during that period and revise its JKM/GCM spreads so that both derivatives refer to the same calendar month.
GAS INDUSTRY NEWS
S&P Global
Platts, part of S&P Global Energy, is proposing to change the publishing schedule of its US Gulf Coast Marker (GCM) LNG and West India Marker (WIM) pricing month derivative assessments, effective Nov. 16.
Platts proposes to cease publication of WIM pricing month derivatives and GCM M1 derivatives from five business days prior to the end of their respective pricing month.
In conjunction, Platts proposes to amend the roll logic of the JKM/GCM derivative spreads to fully reflect the calendar month of the underlying JKM derivative.
GCM derivatives
GCM derivatives trade on a calendar month basis, with a monthly roll at the end of each month.
Platts proposes to publish the GCM Mo1 derivative assessment (LNGFA00) from the first business day of each calendar month, through the sixth-last publishing day of the month preceding delivery. The proposed change would align the publication schedule of the GCM Mo1 derivative assessment with that of the Platts DES Northwest Europe (NWE) Mo1 derivative assessment (LNGDA01).
For example, the January 2027 GCM Mo1 derivative assessment would be published from Dec. 1, 2026, through Dec. 22, 2026, the sixth-last publishing day of December.
Under the proposal, the JKM/GCM spread assessments would align with the same calendar month as the underlying JKM derivative assessment.
For example, during Dec. 1-8, 2026, the LNG Japan/Korea financial Pricing Month vs LNG FOB GCM financial Mo1 (LNGFG00 ) would reflect the spread between January 2027 JKM and GCM derivatives. During Dec. 9-15, no spread assessment would be published. From Dec. 16, onward, the assessment would reflect the spread between February 2027 JKM and GCM derivatives, following the roll of the underlying JKM derivative contract to February.
As part of this proposal, the subsequent month spreads would also align on an equivalent calendar basis and would be renamed as such.
For example, LNG Japan/Korea financial Mo1 vs LNG FOB GCM financial Mo2 (LNGFH00) would be renamed "LNG Japan/Korea financial Mo1 vs LNG FOB GCM financial.
GCM and GCM-linked derivatives follow the UK publishing schedule.
WIM derivatives
WIM derivatives trade on a calendar month basis, with a monthly roll on around the 16thof each month.
Platts proposes to publish the WIM pricing month derivative assessment (AWIMB00) from the first assessment day of a delivery month through the sixth-last assessment day of the same month. The proposed change would align the publication schedule of the WIM pricing month derivative assessment with that of the Platts JKM pricing month derivative assessment (LJKMO00).
For example, the January 2027 WIM pricing month derivative assessment would be published from Nov. 16, 2026, through Dec. 8, 2026, the sixth-last assessment day of December for January WIM derivatives.
Platts has observed limited liquidity in pricing month derivative contracts during the final five assessment days before expiry. The proposed changes would better reflect prevailing trading activity and align the publication schedules of the GCM and WIM pricing month derivative assessments with the conventions of their respective LNG derivative markets.
Under the proposal, Platts would also cease publishing floating physical bids and offers linked to the pricing month during the final five assessment days prior to expiry through the relevant LNG Market on Close assessment process.
Platts, part of S&P Global Energy, is proposing to change the publishing schedule of its US Gulf Coast Marker (GCM) LNG and West India Marker (WIM) pricing month derivative assessments, effective Nov. 16.
Platts proposes to cease publication of WIM pricing month derivatives and GCM M1 derivatives from five business days prior to the end of their respective pricing month.
In conjunction, Platts proposes to amend the roll logic of the JKM/GCM derivative spreads to fully reflect the calendar month of the underlying JKM derivative.
GCM derivatives
GCM derivatives trade on a calendar month basis, with a monthly roll at the end of each month.
Platts proposes to publish the GCM Mo1 derivative assessment (LNGFA00) from the first business day of each calendar month, through the sixth-last publishing day of the month preceding delivery. The proposed change would align the publication schedule of the GCM Mo1 derivative assessment with that of the Platts DES Northwest Europe (NWE) Mo1 derivative assessment (LNGDA01).
For example, the January 2027 GCM Mo1 derivative assessment would be published from Dec. 1, 2026, through Dec. 22, 2026, the sixth-last publishing day of December.
Under the proposal, the JKM/GCM spread assessments would align with the same calendar month as the underlying JKM derivative assessment.
For example, during Dec. 1-8, 2026, the LNG Japan/Korea financial Pricing Month vs LNG FOB GCM financial Mo1 (LNGFG00 ) would reflect the spread between January 2027 JKM and GCM derivatives. During Dec. 9-15, no spread assessment would be published. From Dec. 16, onward, the assessment would reflect the spread between February 2027 JKM and GCM derivatives, following the roll of the underlying JKM derivative contract to February.
As part of this proposal, the subsequent month spreads would also align on an equivalent calendar basis and would be renamed as such.
For example, LNG Japan/Korea financial Mo1 vs LNG FOB GCM financial Mo2 (LNGFH00) would be renamed "LNG Japan/Korea financial Mo1 vs LNG FOB GCM financial.
GCM and GCM-linked derivatives follow the UK publishing schedule.
WIM derivatives
WIM derivatives trade on a calendar month basis, with a monthly roll on around the 16thof each month.
Platts proposes to publish the WIM pricing month derivative assessment (AWIMB00) from the first assessment day of a delivery month through the sixth-last assessment day of the same month. The proposed change would align the publication schedule of the WIM pricing month derivative assessment with that of the Platts JKM pricing month derivative assessment (LJKMO00).
For example, the January 2027 WIM pricing month derivative assessment would be published from Nov. 16, 2026, through Dec. 8, 2026, the sixth-last assessment day of December for January WIM derivatives.
Platts has observed limited liquidity in pricing month derivative contracts during the final five assessment days before expiry. The proposed changes would better reflect prevailing trading activity and align the publication schedules of the GCM and WIM pricing month derivative assessments with the conventions of their respective LNG derivative markets.
Under the proposal, Platts would also cease publishing floating physical bids and offers linked to the pricing month during the final five assessment days prior to expiry through the relevant LNG Market on Close assessment process.
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