UK OCM Gas Spot

UK OCM Gas Spot43396041

Description

Contracts for physical delivery through the transfer of rights in respect of Natural Gas at the National Balancing Point, operated by National Grid, the transmission system operator in Great Britain.

Market Specifications

Trading Screen Product Name
OCM MASTER
Trading Screen Hub Name
NBP
Gas Quality
Natural Gas as determined by National Grid in the Uniform Network Code, as amended from time to time. In the Uniform Network Code Gas means any hydrocarbons or mixture of hydrocarbons and other gases consisting primarily of methane which at a temperature of 15 °C and an absolute pressure of 1.01325 bar are or is predominantly in the gaseous state.
Hub Rules
Uniform Network Code
Product
All products are represented by the code of ENB:

OCM TITLE DAY
OCM PHYSICAL DAY
OCM LOCATIONAL DAY
OCM LOCATIONAL TWO DAY
OCM LOCATIONAL THREE DAY
OCM LOCATIONAL FOUR DAY
OCM LOCATIONAL FIVE DAY
OCM LOCATIONAL SIX DAY
OCM LOCATIONAL SEVEN DAY
OCM DSR LOCATIONAL DAY
OCM DSR LOCATIONAL TWO DAY
OCM DSR LOCATIONAL THREE DAY
OCM DSR LOCATIONAL FOUR DAY
OCM DSR LOCATIONAL FIVE DAY
OCM DSR LOCATIONAL SIX DAY
OCM DSR LOCATIONAL SEVEN DAY
Contract Security
ICE Clear Europe acts as central counterparty to all trades thereby guaranteeing the financial performance of ICE Endex gas spot market contracts registered in the name of its Members up to and including delivery and/or settlement.
Trading Hours
08:00 (D-1) - 02:35 (D+1)
The OCM is open for trading twenty-four (24) hours a day, seven days a week, with the exception of a daily maintenance window between 03:40 and 04:00 during which the markets are not available
Holidays
The OCM is not adjusted for Bank Holidays
Clock Changes
Owing to the fact that the Quantity of an OCM Order ordinarily reflects a fixed quantity for delivery during the Gas Day in question, Orders are broadly unaffected by the March and October clock changes. The sole exception arises in respect of Physical and Locational Orders whose volumetric component is expresses as a Day Rate (as opposed to an Order Quantity). Day Rates in respect of Products affected by a clock change are adjusted to take account of clock change in question.
Trading Model
Continuous trading throughout trading hours
Unit of Trading
thm/day
kWh/day (alternative)
Contract Size
For complete Contract Size Matrix click here.
Minimum Trading Size
1 lot = 1,000 thm/day
minimum order quantity = 4,000 thm/day
Quotation
The contract price is in GBp/thm
Price Range
Any X, where -99,999 GBp/thm ≤ X ≤ 99,999 GBp/thm
Quantity Range
For all Products any Y, where 4,000 thm/day ≤ Y ≤ 99,999,000 thm/day
Minimum Price Fluctuation
0.01 GBp/thm
Maximum Price Fluctuation
There are no limits
Tick Value
Contract Size x Minimum Trade Size x Minimum Price Flux
Day Rate (Physical and DSR Locational Orders only)
Unrestricted, subject to the minimum trading size/minimum order quantity indicated above
Lead Time (Physical and DSR Locational Orders only)
Any integer Y, where 1h ≤ Y ≤ 23h
Location (Locational and DSR Orders only)
For valid inputs for the Location of an OCM Locational Order click here.
Other Information
Pursuant to article D.5.1, section D, of the Transportation Principal Document of the Network Code, National Grid is the only party that can buy in the OCM DSR Locational markets. All other parties are only allowed to submit offers. All trades where National Grid is not the buyer will be cancelled.
DSR Period
Pursuant to article D.5.1, section D, of the Transportation Principal Document of the Network Code the OCM DSR Locational markets are only open during a DSR Period, as notified by National Grid. Only during a DSR Period live offers can be submitted. Outside a DSR Period non-live order can be submitted. All orders or trades in the OCM DSR Locational markets outside a DSR Period will be cancelled.
Delivery/Settlement Terms
Settlement takes place daily
MIC Code
NDCM
Clearing Venues
ICEU
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Related Products

Codes

Clearing Admin Name
UK NBP OCM Spot
Physical
ENB
Logical
ENB
GMI(FC)
R&N A.C.N.