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ICE to offer first US Gulf Coast LNG futures contract

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LNG Industry,

Reuters are reporting that, with the US about to become a net exporter of natural gas for the first time in 60 years, Intercontinental Exchange Inc announced on 22 March that it would begin trading the first-ever US LNG futures contract in May.

ICE announced that the contracts would be cash-settled against the Platts LNG Gulf Coast Marker price assessment and use Platts-derived US GCM LNG forward curves for daily settlement purposes. The curves will have an initial term of 48 months.

US gas producers are eager to sell into the international marketplace through LNG. Growing LNG exports are propelling the US' transition to a net exporter of natural gas, which is expected to happen later this year or in 2018.

The last time the country was a net exporter of gas on an annual basis was in 1957. It started exporting gas from the lower 48 states in February 2016.

With growth in LNG export capacity, the US will become the third-biggest exporter of LNG by the end of 2020.

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