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
|Trading Period/Strip||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.|
|Units 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
|Minimum Trading Size||5 lots = 5,000 therms per day|
|Minimum Block Order||50 lots = 50,000 therms per day|
|Quotation||The contract price is in Sterling and pence per therm|
|Minimum Price Flux||Futures/Blocks - 0.01 pence/therm
EFPs/EFSs - 0.005 pence/therm
|Maximum Price Flux||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 fifteen-minute settlement period from 16:00:00 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 Limits||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 Basis||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.
NOTE: DST in the US will be different than BST time. See Circular 14011 for temporary trading hours changes.
Clearing Admin NameIPE Nat Gas