US Natural Gas
Natural Gas Futures (Physical) are an outright natural gas contract between a buyer and a seller that offers opportunities for risk management of the highly volatile pricing of natural gas. The contract:
1. Is widely used as a national benchmark price for natural gas, which accounts for almost a quarter of United States energy
2.Reflects a vigorous basis market based on the pricing relationships between Henry Hub and other important natural gas market centers in the continental United States and Canada
3.Is the second-highest volume futures contract in the world based on a physical commodity
Venue CME ClearPort, CME Globex, Open Outcry (New York)
(All Times are New York Time/ET)
|CME Globex:||Sunday – Friday 6:00 p.m. – 5:15 p.m. New York time/ET (5:00 p.m. – 4:15 p.m. Chicago Time/CT) with a 45-minute break each day beginning at 5:15 p.m. (4:15 p.m. CT)|
|CME ClearPort:||Sunday – Friday 6:00 p.m. – 5:15 p.m. New York time/ET (5:00 p.m. – 4:15 p.m. Chicago Time/CT) with a 45-minute break each day beginning at 5:15 p.m. (4:15 p.m. CT)|
|Open Outcry:||Monday – Friday 9:00 a.m. – 2:30 p.m. (8:00 a.m. – 1:30 p.m. CT)|
Contract Unit 10,000 million British thermal units (mmBtu).
Pricing Quotation U.S. dollars and cents per mmBtu.
Minimum Price Increment $0.001 (0.1¢) per mmBtu
Maximum Daily Price Fluctuation $3.00 per mmBtu ($30,000 per contract) for all months. If any contract is traded, bid, or offered at the limit for five minutes, trading is halted for five minutes. When trading resumes, the limit is expanded by $3.00 per mmBtu in either direction. If another halt were triggered, the market would continue to be expanded by $3.00 per mmBtu in either direction after each successive five-minute trading halt. There will be no maximum price fluctuation limits during any one trading session.
Termination of Trading Trading of any delivery month shall cease three (3) business days prior to the first day of the delivery month. In the event that the official Exchange holiday schedule changes subsequent to the listing of a Natural Gas futures, the originally listed expiration date shall remain in effect. In the event that the originally listed expiration day is declared a holiday, expiration will move to the business day immediately prior.
Listed Contracts The current year plus the next twelve years. A new calendar year will be added following the termination of trading in the December contract of the current year. On CME Globex: The current year plus the next eight years.
Trading at Settlement (TAS) Trading at settlement is available for spot (except on the last trading day), 2nd and 3rd months and subject to the existing TAS rules. Trading in all TAS products will cease daily at 2:30 PM Eastern Time. The TAS products will trade off of a “Base Price” of 0 to create a differential (plus or minus 10 ticks) versus settlement in the underlying product on a 1 to 1 basis. A trade done at the Base Price of 0 will correspond to a “traditional” TAS trade which will clear exactly at the final settlement price of the day.
Settlement Type Physical
Grade and Quality Specifications Natural Gas meeting the specifications set forth in the FERC-approved tariff of Sabine Pipe Line Company as then in effect at the time of delivery shall be deliverable in satisfaction of futures
contract delivery obligations.
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