OPIS, GLX Roll-out LNG Trading Indices
IHS Markit has announced that its energy price-reporting arm, Oil Price Information Service (OPIS), has signed a strategic agreement for an end-to-end LNG trading solution with GLX, an online platform to transact physical LNG cargoes.
OPIS, an internationally-referenced price reporting agency serving the oil, natural gas, chemical, coal and biofuels industries has been a long-trusted industry leader for energy price indices, real-time news and expert analysis across the global fuel supply chain. OPIS was at the forefront in adopting IOSCO Oil Price Reporting standards having completed its first independent audit in 2013, with a global team of close to 70 seasoned price reporters globally covering energy markets using its industry leading methodology.
The OPIS and GLX agreement focuses on the development of industry led LNG indices at major LNG-trading points and the development of a daily LNG publication, which will leverage the extensive global resources and reach of the leading data and insight businesses, including OPIS, that is part of IHS Markit.
“The transition of the LNG market to a more liquid market is very attractive to us, and it’s a market in which we’ve been investing organically,” said Brian Crotty, CEO of OPIS. “The agreement with GLX will enable OPIS to provide a broader, customised, more integrated LNG-trading service, and ultimately, deliver a valuable solution for our customers in this key and growing market,” Crotty said.
“The announcement of this agreement and the others that follow, mark a key milestone for GLX,” said Damien Criddle, CEO of GLX. “Our vision is to offer our members, and the broader LNG community, an end-to-end solution providing them with trusted LNG data, and through our alliance with IHS Markit, the ability to manage price-risk through the publication of industry led LNG indices.”
The agreement was announced during CERAWeek 2019 in Houston. CERAWeek by IHS Markit is the premier annual international gathering of energy industry leaders, experts, government officials and policymakers, leaders from the technology, financial and industrial communities – and energy technology innovators.
“The OPIS and IHS Markit 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, an important component to gain the trust and support of the market,” said Daniel Yergin, CERAWeek chairman and vice chairman of IHS Markit. “We are delighted to have two of the world leaders in the LNG industry-- Woodside Energy and Petronas, as well as Damien Criddle, the CEO of GLX, at CERAWeek 2019, as we make this important announcement.”
GLX is an independent member based online marketplace for the global LNG industry.