10,000 million British thermal units (MMBtu).
36 consecutive months commencing with the next calendar month (for
on October 2, 1998, trading occurs in all months from November 1998
October 2001). Options: 12 consecutive months, plus 15, 18, 21, 24, 27,
30, 33, and 36 months on a June/December cycle.
Dollars and cents per MMBtu, for example, $2.035 per MMBtu.
$0.001 (0.1 ¢) per MMBtu ($10 per contract).
$1.50 per MMBtu ($15,000 per contract) for the first two months.
back month limits of $0.15 (15¢) per MMBtu rise to $0.30
per MMBtu if the previous day's settlement price in any back month is
the $0.15 (15¢) limit. In the event of a $0.75 (75¢) per
move in either of the first two contract months, limits on all months
$0.75 per MMBtu in all months from the limit in place in the direction
of the move.
Last Trading Day
Trading terminates three business days prior to the first calendar day
of the delivery month.
Sabine Pipe Line Co.’s
Henry Hub in
Louisiana. Seller is responsible for the movement of the gas through
Hub; the buyer, from the Hub. The Hub fee will be paid by seller.
Delivery shall take
place no earlier
than the first calendar day of the delivery month and shall be
no later than the last calendar day of the delivery month. All
shall be made at as uniform as possible an hourly and daily rate of
over the course of the delivery month.
Delivery Period (ADP)
An Alternate Delivery
available to buyers and sellers who have been matched by the Exchange
to the termination of trading in the spot month contract. If buyer and
seller agree to consummate delivery under terms different from those
in the contract specifications, they may proceed on that basis after
a notice of their intention to the Exchange.
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
submitting a notice to the Exchange. EFPs may be used to either
or liquidate a futures position.
specifications in effect
at time of delivery.
7,000 contracts for
all months combined,
but not to exceed 1,000 in the last three days of trading in the spot
or 5,000 in any one month.
Margins are required
for open futures
positions. The margin requirement for an options purchaser will never
the premium paid.