The NG contract specs from the NYMEX site.
Henry Hub Natural Gas
NYMEX Division
Futures and Options Contract Specifications
Trading Unit
Futures: 10,000 million British thermal units (MMBtu).
Options: One NYMEX Division natural gas futures contract.
Trading Hours
Futures and Options: Open outcry trading is conducted from 10:00 A.M. - 3:10 P.M. for Henry Hub and Alberta; 10:10 A.M. - 3:10 P.M. for Permian Basin. After-hours trading in all futures and in Henry Hub natural gas options is conducted via the NYMEX ACCESS© electronic trading system from 4 P.M. to 7 P.M., Mondays through Thursdays. All times are New York time.
Trading Months
Futures: 36 consecutive months commencing with the next calendar month (for example, on October 3, 2000, trading occurs in all months from November 2000 through October 2003), plus a long-dated contract, initially listed 36 months out.
Options: 12 consecutive months, plus 15, 18, 21, 24, 27, 30, 33, and 36 months on a June-December cycle.
Price Quotation
Futures and Options: Dollars and cents per MMBtu, for example, $2.035 per MMBtu.
Minimum Price Fluctuation
Futures and Options: $0.001 (0.1 ½) per MMBtu ($10 per contract).
Maximum Daily Price Fluctuation
Futures: $1.50 per MMBtu ($15,000 per contract) for the first two months. Initial back month limits of $0.30 (30½) per MMBtu rise to $0.60 (60½) per MMBtu if the previous day?s settlement price in any back month is at the $0.30 (30½) limit. In the event of a $0.75 (75½) per MMBtu move in either of the first two contract months, limits on all months become $1.50 per MMBtu in all months from the limit in place in the direction of the move.
Options: No price limits.
Last Trading Day
Futures: Trading terminates three business days prior to the first calendar day of the delivery month.
Options: Trading terminates at the close of business on the business day immediately preceding the expiration of the underlying futures contract.
Exercise of Options
By a clearing member to the Exchange clearinghouse not later than 5:30 P.M. or 45 minutes after the underlying futures settlement price is posted, whichever is later, on any day up to and including the options expiration.
Option Strike Prices
Twenty strike prices in increments of $0.05 (5½) per MMBtu above and below the at-the-money strike price in all months, plus an additional twenty strike prices in increments of $0.05 per MMBtu above the at-the-money price will be offered in the first three nearby months, and the next ten strike prices in increments of $0.25 (25½) per MMBtu above the highest and below the lowest existing strike prices in all months for a total of at least 81 strike prices in the first three nearby months and a total of at least 61 strike prices for four months and beyond. The at-the-money strike price is nearest to the previous day?s close of the underlying futures contract. Strike price boundaries are adjusted according to futures price movements.
Delivery Location
Sabine Pipe Line Co.?s Henry Hub in Louisiana. Seller is responsible for the movement of the gas through the Hub; the buyer, from the Hub. The Hub fee will be paid by seller.
Delivery Period
Delivery shall take place no earlier than the first calendar day of the delivery month and shall be completed no later than the last calendar day of the delivery month. All deliveries shall be made at as uniform as possible an hourly and daily rate of flow over the course of the delivery month.
Alternate Delivery Procedure (ADP)
An alternate delivery procedure is available to buyers and sellers who have been matched by the Exchange subsequent to the termination of trading in the spot month contract. If buyer and seller agree to consummate delivery under terms different from those prescribed in the contract specifications, they may proceed on that basis after submitting a notice of their intention to the Exchange.
Exchange of Futures For, or in Connection with, Physicals (EFP)
The commercial buyer or seller may exchange a futures position for a physical position of equal quantity by submitting a notice to the Exchange. EFPs may be used to either initiate or liquidate a futures position.
Quality Specifications
Pipeline specifications in effect at time of delivery.
Position Limits
7,000 contracts for all months combined, but not to exceed 1,000 in the last three days of trading in the spot month or 5,000 in any one month.
Exchange of Futures For, Or In Connection With, Physicals (EFP)
The commercial buyer or seller may exchange a futures position for a physical position of equal quantity by submitting a notice to the Exchange. EFPs may be used to either initiate or liquidate a futures position.
Trading Symbols -
Futures: NG
Options: ON
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