- Trading Screen Product Name
- UK NBP Natural Gas Futures
- Trading Screen Hub Name
- Trading Period
78-83 consecutive month contracts.
11-13 consecutive quarters.
Quarters are strips of three individual and consecutive contract
months. Quarters always comprise a strip of Jan-Mar, Apr-Jun, Jul-
Sep or Oct-Dec.
13-14 consecutive seasons.
Seasons are strips of six individual and consecutive contract
months. Seasons always comprise a strip of Apr-Sep or Oct-Mar.
6 consecutive years.
Years are strips of twelve individual and consecutive contract
months comprising Jan - Dec.
Months, quarters, seasons and years are listed in parallel.
- Expiration Date
Trading will cease at the close of business two Business Days prior
to the first calendar day of the delivery month, quarter, season,
- Contract Security
ICE Clear Europe acts as central counterparty to all trades thereby
guaranteeing the financial performance of ICE Futures Europe
contracts registered in the name of its Members up to and including
delivery, exercise and/or settlement.
- Trading Model
Continuous trading throughout trading hours
- Trading Methods
Electronic futures, Exchange for Physical (EFP), Exchange for Swap
(EFS) and Block Trades are available for this contract.
- Unit of Trading
1,000 therms of natural gas per day (1 therm = 29.3071 kilowatt
- Contract Size
1,000 therms per day per delivery period (ie month, quarter, season
|Feb (non leap year):
|Feb (leap year):
|Jan, Mar, May, Jul, Aug, Oct, Dec:
|Apr, Jun, Sep, Nov:
- Minimum Trading Size
5 lots = 5,000 therms per day
- Minimum Block Order
40 lots = 40,000 therms per day
The contract price is in Sterling and pence per therm
- Minimum Price Fluctuation
Futures - 0.01 pence/therm
EFP/EFS/Block - 0.001 pence/therm
- Maximum Price Fluctuation
There are no limits
- Tick Size
Contract Size x Minimum Trade Size x Minimum Price Flux
- Settlement Price
The weighted average price of trades during a ten-minute settlement
period from 16:05:00 to 16:15:00, London Local Time. If there is
low liquidity during this time, Quoted Settlement Prices (QSPs)
will be used to establish the settlement price
- Position Limit
Positions are reported to the Exchange on a daily basis. The
Exchange has powers to prevent the development of excessive
positions or unwarranted speculation or any other undesirable
situation and may take steps to resolve such situations including
the ability to mandate Members to limit the size of such positions
or to reduce positions where appropriate.
- Initial Margin
Calculated on all open contracts, Initial Margin, as defined in the
ICE Clear Europe Clearing Rules, is a deposit held by ICE Clear
Europe in order to cover the costs that may be incurred in closing
out a position in default. It is returned upon the closing of the
position, or at expiry, with interest.
- Daily Margin
All open contracts are 'marked-to-market' daily, with Variation
Margin, as defined in the ICE Clear Europe Clearing Rules, being
called for as appropriate.
- Delivery/Settlement Terms
Matching Acquiring and Disposing Trade Nominations (buyer from
ICEU, seller to ICEU) are input by buyer and seller to National
Grid via Gemini before 18:30 on the business day prior to the
commencement of the delivery period. Delivery takes place in
kilowatt-hours (29.3071 kilowatt hours per therm).
The EDSP will be the Settlement Price on the day the contract
(Trade at Settlement)
- MIC Code
- Clearing Venues