 | This article needs to be updated. (October 2023) |
| Country | Japan, South Korea, India, Taiwan, China |
|---|---|
| Refinery details | |
| Commissioned | 1950s |
The Japan Crude Cocktail (JCC) is the informal nickname given to the pricing index of Crude Oil used in most East Asian countries.[1] The JCC is the average price of customs-cleared crude oil imports into Japan and is published by the Petroleum Association of Japan.[2] The official name of the JCC is the Japan Customs-cleared Crude Oil Price.[3] The valuation of the JCC closely reflects the market state of supply and demand. Clear fluctuations in JCC pricing can be linked to distinct events such as the 2007-08 Global Financial Crisis and the 2011 Fukushima Disaster.[4]
The JCC was historically the main index to price Liquified Natural Gas (LNG) contracts as no global benchmark existed. However, as JCC is based on oil prices as opposed to gas, there has been a rise in objection to its use. In Europe and most North American nations, LNG pricing has shifted from use of the JCC to gas-based indexes (e.g. Henry Hub).[3]
- ^ Stern, Jonathon (2020). "A Comparative History of Oil and Gas Markets and Prices: is 2020 just an extreme cyclical event or an acceleration of the energy transition?" (PDF). OIES Energy Insight: 1–22 – via University of Oxford.
- ^ Cite error: The named reference
:1was invoked but never defined (see the help page). - ^ a b Stern, Jonathon (2014). "Challengest o JCC Pricing in Asian LNG Markets" (PDF). Oxford Institute for Energy Studies.
- ^ Cite error: The named reference
:4was invoked but never defined (see the help page).