US PHYSICAL NATURAL GAS AND POWER
Through its alliance with NGX, ICE offers clearing and settlement services for physical natural gas and power contracts for select U.S. hubs. Customers electing to clear these products through NGX’s Derivative Clearing Organization (DCO), may execute on WebICE or in the OTC markets through a brokerage firm that has signed the ICE Broker Agreement. NGX uses ICE Block to electronically accept OTC transactions for clearing. All physical forwards submitted for clearing will be converted to physical futures via NGX EFRP and cleared and settled through NGX’s DCO.
Available hubs for cleared physical delivery can be found in this document, note the column labeled: NGX Deliverable
Canadian Natural Gas and Electricity
ICE is the exclusive trading platform for virtually all natural gas and electricity contracts traded in NGX’s energy markets. All cleared only Canadian natural gas (denoted with FUT in the product name on WebICE) will transact and clear as physical futures and electricity contracts will transact and clear as financial futures. Select Canadian natural gas hubs may also be bilaterally transacted as physical forwards (denoted with FWD in the product name on WebICE). NGX became registered as a Foreign Board of Trade effective May 2, 2013, replacing its status as an Exempt Commercial Market (ECM), ensuring NGX is able to continue to provide a nexus for U.S. participants to access these products.
Available Natural Gas Hubs for Cleared Physical Delivery
- Alberta – NIT (TCPL West)
- Spectra – Huntingdon
- TCPL – Chippawa
- TCPL Iroquois
- TCPL St. Clair
- TransGas – TEP
- Union Gas – Union Parkway
- Alliance – ATP
- Spectra – Station #2
- TCPL Enbridge CDA
- TCPL Niagara
- TCPL Suffield
- Union Gas – Union Dawn
- TCPL Emerson 1
- TCPL Emerson 2
- TCPL Empress
- TCPL East Hereford
- TCPL Enbridge EDA
- TCPL GMI EDA
Available Electricity Hubs for Financial Settlement
- Financial Settlement against AESO Pool Price
- Financial Settlement against HOEP Price
- Financial Settlement against MISI ENGY Price
- Financial Settlement against NYSI ENGY Price
Physical and Financial Crude
NGX’s Canadian physical crude products are offered as cleared only futures as well as bilateral forwards for trading through WebICE, ICE's electronic trading platform. Contracting Parties wishing to participate in the deliverable bilateral market will be required to certify their intent to deliver. All products that are matched on WebICE or in the OTC markets may be submitted to NGX via ICE Block where they will be converted to futures through NGX’s EFRP process and cleared under NGX’s rules.
ICE launched financial products against TMX Group's Canadian crude indices, the industry's most comprehensive gauge of Canadian crude pricing, in December 2010.