Opis, Oz GLX to Launch LNG Trading Solution

Oil Price Information Service (Opis), a unit of IHS Markit, and Australian LNG online trading platform GLX have signed a strategic agreement for an end-to-end LNG-trading solution, IHS Markit and GLX said in a joint statement March 13.

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.

“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.

“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,” said Damien Criddle, CEO of GLX. 

The agreement was announced during Cera Week in Houston.

“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, Cera Week 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 Cera Week 2019, as we make this important announcement.”

Woodside and Petronas have became equity investors in GLX, which was launched in 2016 and its LNG trading platform became operational the following year. Woodside became a foundation member of GLX in July 2017. Woodside has also invested in Gastrayda, which is an LNG trade management and compliance platform. 

There are already publishers of daily LNG price assessments for prompt delivery, based on market surveys of traders. These include S&P Global (Platts), Argus Media and Icis.