Trading Unit
10,000 million British thermal units (mmBtu).
Price Quotation
U.S. dollars and cents per mmBtu.
Trading Hours (All times are New York time)
Open outcry trading is conducted from 10:00 AM until 2:30
PM.
After-hours futures trading is conducted via the NYMEX ACCESS®
internet-based trading platform beginning at 3:15 PM on Mondays
through Thursdays and concluding at 9:30 AM the following
day. On Sundays, the session begins at 7:00 PM .
Trading Months
72 consecutive months commencing with the next calendar month
(for example, on January 6, 2004, trading occurs in all months
from February 2004 through January 2010).
Minimum Price Fluctuation
$0.001 (0.1¢) per mmBtu ($10.00 per contract).
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.
Last Trading Day
Trading terminates three business days prior to the first
calendar day of the delivery month.
Settlement Type
Physical.
Delivery
The Sabine Pipe Line Co. 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 Physicals (EFP) or Swaps (EFS)
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.
Grade & Quality Specifications
Pipeline specifications in effect at time of delivery.
Position Accountability Levels & Limits
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.
Margin Requirements
Margins are required for open futures positions. Trading Symbol
NG