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| Trading Unit |
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Futures: 10,000 million British thermal units (mmBtu).
Options: One NYMEX Division natural gas futures contract. |
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| Price Quotation (Click
for Quotes and Charts) |
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| Futures and Options: Dollars and cents per mmBtu, for example, $2.850
per mmBtu. |
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| Trading Hours |
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Futures and Options: Open outcry trading is conducted from 10:00 A.M.
until 2:30 P.M. (natural gas futures and options will close at 2:45 P.M.
on any futures termination day that falls on a Wednesday).
After hours futures trading is conducted via the NYMEX ACCESS®
internet-based trading platform beginning at 3:15 P.M. on Mondays through
Thursdays and concluding at 9:00 A.M. the following day. On Sundays, the
session begins at 7:00 P.M. All times are New York time. Natural Gas
futures and options will close at 2:45 P.M. on any futures termination day
that falls on a Wednesday |
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| Trading Months |
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Futures: 72 consecutive months commencing with the next calendar month
(for example, on January 2, 2002, trading occurs in all months from
February 2002 through January 2008).
Options: 12 consecutive months, plus contracts initially listed 15, 18,
21, 24, 27, 30, 33, 36, 39, 42, 45, 48, 51, 54, 57, 60, 63, 66, 69, and 72
months out on a March, June, September, December cycle. |
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| Minimum Price Fluctuation |
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| Futures and Options: $0.001 (0.1¢) per mmBtu ($10.00 per contract). |
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| Maximum Daily Price Fluctuation |
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Futures: $1.00 per mmBtu ($10,000 per contract) for all months. If any
contract is traded, bid, or offered at the limit for five minutes, trading
is halted for 15 minutes. When trading resumes, expanded limits are in
place that allow the price to fluctuate by $2.00 in either direction of
the previous day's settlement price. There are no price limits on any
month during the last three days of trading in the spot month.
Options: No price limits. |
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| Last Trading Day |
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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. |
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| Exercise of Options |
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| 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. |
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| Option Strike Prices |
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| Twenty strike prices in increments of $0.05 (5¢) per mmBtu above and
below the at-the-money strike price in all months, plus an additional 20
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 10
strike prices in increments of $0.25 (25¢) 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. |
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| Delivery Location |
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| 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. |
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| Delivery Period |
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| 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. |
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| Alternate Delivery Procedure (ADP) |
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| 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. |
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| Exchange of Futures For, or in Connection with,
Physicals (EFP) or Swaps (EFS) |
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| The commercial buyer or seller may exchange a futures position for a
physical position or a swaps position of equal quantity by submitting a
notice to the Exchange. EFPs and EFSs may be used to either initiate or
liquidate a futures position. |
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| Quality Specifications |
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| Pipeline specifications in effect at time of delivery. |
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| Position Accountability Limits |
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| Any one month / all months: 12,000 net futures,but not to exceed 1,000
in the last three days of trading in the spot month or 5,000 in any one
month. |
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| Trading Symbols |
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Futures: NG
Options: ON |
