Gas Futures: 10,000 million British thermal
Gas Futures: 36 consecutive months commencing
with the next calendar month (for example, on October 2, 1998, trading
occurs in all months from November 1998 through October 2001). Options:
12 consecutive months, plus 15, 18, 21, 24, 27, 30, 33, and 36 months
on a June/December cycle.
Gas Futures: Dollars and cents per MMBtu,
for example, $2.035 per MMBtu.
Gas Futures: $0.001 (0.1 ¢) per MMBtu ($10
Gas Futures: $1.50 per MMBtu ($15,000 per
contract) for the first two months. Initial back month limits of $0.15
(15¢) per MMBtu rise to $0.30 (30¢) per MMBtu if the previous day's
settlement price in any back month is at the $0.15 (15¢) limit. In the
event of a $0.75 (75¢) per MMBtu move in either of the first two
contract months, limits on all months become $0.75 per MMBtu in all
months from the limit in place in the direction of the move.
Last Trading Day
Gas Futures: Trading terminates three
business days prior to the first calendar day of the delivery
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
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.
Delivery Period (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.
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.
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 month or 5,000 in any one month.
Margins are required
for open futures positions. The margin requirement for an options
purchaser will never exceed the premium paid.
Gas Futures: NG