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ICE Futures Europe

UK NBP Natural Gas Futures



Contracts are for physical delivery through the transfer of rights in respect of Natural Gas at the National Balancing Point (NBP) Virtual Trading Point, operated by National Grid, the transmissions system operator in the UK. Delivery is made equally each day throughout the delivery period

Market Specifications

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, or calendar.
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 hours)
Contract Size
1,000 therms per day per delivery period (ie month, quarter, season or year.)

Delivery Period Therms
Feb (non leap year): 28,000 therms
Feb (leap year): 29,000 therms
Jan, Mar, May, Jul, Aug, Oct, Dec: 31,000 therms
Apr, Jun, Sep, Nov: 30,000 therms
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 expires.
TAS (Trade at Settlement)
MIC Code
Clearing Venues

Trading Hours

New York2:00 AM - 12:00 PM
02:00 - 12:00
1:45 AM
London7:00 AM - 5:00 PM
07:00 - 17:00
6:45 AM
Singapore3:00 PM - 1:00 AM
15:00 - 01:00
2:45 PM


Clearing Admin Name
IPE Nat Gas
Symbol Code