ICIS publishes market prices based on information continuously gathered from market participants about spot transactions, spot bid and offer levels, contract price negotiations, prices of related commodities and relevant freight costs.
ICIS includes in its price-generation process only information gathered up to the published market close time for each commodity and assessed period. ICIS does not make retrospective adjustments or changes to price quotations based on information subsequently received.
ICIS regards all arm’s length transactions that meet its specification criteria as carrying equal weight.
ICIS uses proprietary models where necessary to normalise data to the typical specifications for cargo size and date ranges given for each commodity.
ICIS endeavours to crosscheck all the transaction information it gathers. ICIS will not use information for assessment purposes where such checks call into doubt the accuracy of the original information, or where a transaction appears to have occurred under circumstances that render it non-repeatable or otherwise markedly unusual.
ICIS publishes a number of types of market quotation.
To find out more about European Gas Market Methodology September 2013