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Quantitative Finance · المسرد

ما معنى Japan Korea Marker؟

Definition 4.8 Markets III: Commodities, Energy and Crypto · الفصل 4 — Natural Gas and LNG

The Japan Korea Marker (JKM) is a price-reporting agency’s daily assessment of spot LNG cargoes delivered ex-ship into Japan, South Korea, China and Taiwan, the main Asian spot benchmark.

The LNG chain of a US export cargo, with the cost each link adds. The netback is the destination price less the right-hand costs; the cargo is lifted if the netback covers the variable price at liquefaction. Schematic.
Figure 4.2. The LNG chain of a US export cargo, with the cost each link adds. The netback is the destination price less the right-hand costs; the cargo is lifted if the netback covers the variable price at liquefaction. Schematic.
Monthly averages of three gas benchmarks, January 2000 to July 2026, on a log scale. US gas decoupled from the rest of the world after 2009; Europe peaked at 69.98\,\$/ MMBtu in August 2022. Data: FRED series MHHNGSP (US Energy Information Administration), PNGASEUUSDM and PNGASJPUSDM (International Monetary Fund).
Figure 4.3. Monthly averages of three gas benchmarks, January 2000 to July 2026, on a log scale. US gas decoupled from the rest of the world after 2009; Europe peaked at 69.98 $/MMBtu69.98\,\$/\mathrm{MMBtu} in August 2022. Data: FRED series MHHNGSP (US Energy Information Administration), PNGASEUUSDM and PNGASJPUSDM (International Monetary Fund).

أمثلة

Example 4.9 (Europe or Asia)

Take a cargo of 3.5 million MMBtu, a charter rate of $60 000 a day, boil-off of 0.1% a day, and one-way voyages of 14 days to north-west Europe and 25 to north Asia (illustrative, but close to the 14 days from Corpus Christi to Rotterdam and 28 to Hong Kong through Panama that the Oxford Institute for Energy Studies gives), with regasification at 0.50 0.50\, and 0.40 $/MMBtu0.40\,\$/\mathrm{MMBtu}. With Henry Hub at 3.00 3.00\, the variable price is 3.45 $/MMBtu3.45\,\$/\mathrm{MMBtu}; shipping costs 0.54 0.54\, to Europe and 0.97 $/MMBtu0.97\,\$/\mathrm{MMBtu} to Asia, so Asia must pay 0.33 $/MMBtu0.33\,\$/\mathrm{MMBtu} more than Europe to win the cargo. At 12.00 12.00\, in Europe and 12.50 12.50\, in Asia the netbacks are 10.96 10.96\, and 11.13 $/MMBtu11.13\,\$/\mathrm{MMBtu}: Asia.

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