Platts to launch physical TTF assessments at Atlantic LNG MOC time

S&P Global Platts will launch month-ahead, second month and third month ahead physical Dutch Title Transfer Facility (TTF) natural gas price assessments in $/MMBtu, time stamped to 4:30 pm London time, effective Feb. 28, 2022.

This follows increased TTF-related activity in the Atlantic LNG markets, especially in delivered ex-ship (DES) Europe spot imports.

Platts will convert TTF assessments in Euro/MWh to $/MMBtu using the Platts Euro/US$ foreign exchange assessment (AAFCW00) time stamped at 4:30 pm London time. Platts will also use the conversion factor of 1 MMBtu = 0.293071 MWh, equivalent to 1 MWh = 3.412, that is reflective of market convention for the contract.

The TTF assessments will reflect the following terms and specifications:

Delivery timing: Month-ahead, second month and third month ahead.

Basis: Prices are for physical delivery at the Dutch Title Transfer Facility.

Quality: Prices are for high cal gas. Other specs are as defined by Dutch network operator Gasunie.

Minimum Quantity: 5 MW

Time stamp: 4:30 pm London time

Publishing schedule: London publishing schedule.

Roll: Platts will assess the front-month period until the final UK business day prior to the first calendar day of the delivery month. For example, on Feb. 25, 2022 the front-month assessment would reflect March and on Feb. 28, 2022 the front-month assessment would reflect April. This change brings these assessment symbols more in line with the index-linking standards seen in the Atlantic LNG market.

The new assessments for the front two months will replace existing Platts TTF calculations GTFWM10 and GTFWM20, which have been calculated historically from Euro/MWh assessments.

This will impact the comparative LNG price assessments that use these symbols:

Assessments Code

LNG DES Med Spot vs Dutch TTF Mo01 $/MMBtu LNTFS00

LNG DES Med Spot vs Dutch TTF Mo01 $/MMBtu MAvg LNTFS03

LNG DES NWE Spot vs Dutch TTF Mo01 $/MMBtu LNTFN00

LNG DES NWE Spot vs Dutch TTF Mo01 $/MMBtu MAvg LNTFN03

LNG FOB US Gulf Coast Cargo Mo01 vs Dutch TTF Mo01 $/MMBtu LNTFG00

LNG FOB US Gulf Coast Cargo Mo01 vs Dutch TTF Mo01 $/MMBtu MAvg LNTFG03

Additionally, Platts will launch new comparative LNG price assessments in $/MMBtu for its existing DES Brazil LNG assessment (LEBMH01) and the 4:30 pm London time stamped front-month JKM derivative assessment (JKLMO01), using the corresponding 4:30 pm London time TTF $/MMBtu assessment as the other leg of the comparative assessments.

This change was first proposed in a subscriber note published Dec. 9, 2021: https://www.spglobal.com/platts/en/our-methodology/subscriber-notes/120921-platts-proposes-to-launch-physical-ttf-assessments-at-atlantic-lng-moc-time

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

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