In a chilly market for frozen gas transported by ship, Singapore is working to entrench itself as the region’s primary trading hub for the energy source.

The city state's main market operator, Singapore Exchange, is set to launch cash-settled futures and swaps contracts for liquefied natural gas as early as January, it said this week. The new contracts, which have received regulatory approval, will allow LNG traders to hedge the price up to a year ahead, the exchange told The Wall Street Journal.