March 13, 2019 / 1:32 PM / 5 months ago

Australia's GLX to launch LNG price indices with price agency OPIS

HOUSTON (Reuters) - GLX, an online trading platform for liquefied natural gas (LNG), said on Wednesday it will start up LNG price indices with energy pricing agency OPIS, a subsidiary of IHS Markit.

The indices, launched at the CERAWeek energy conference in Houston, will provide another price reference for the $230 billion LNG industry as sellers and buyers seek price transparency.

GLX, based outside of Perth, Australia, said it has also signed separate agreements with LNG producers Petronas and Woodside who became members with equity rights in GLX.

“Since our LNG trading platform launched in late 2017 we have grown to secure 55-member companies from around the world,” GLX Chief Executive Officer and founder Damien Criddle said in a statement.

The “alliance with GLX significantly increases our presence in the LNG space, and provides a timely response to the industry-led price indices, which are underpinned by physical trading data,” said Daniel Yergin, vice chairman of IHS Markit.

Rival commodity price agency S&P Global Platts publishes a daily Asian LNG price assessment, also known as the JKM or Japan/Korea Marker.

Reporting by Florence Tan; editing by Christian Schmollinger

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