ICE Futures Europe

UK NBP Gas 1st Line Financial Futures (USD/MMBTU)

UK NBP Gas 1st Line Financial Futures (USD/MMBTU)67961645

Description

A financially settled futures contract based upon the average of the daily settlement prices as published by the Exchange for ICE UK Natural Gas Futures contract (M) during the period that the expiring month is the front month, converted to USD using the WM/Reuters Closing GBPUSD Spot Rates as published by Refinitiv at 16:00 GMT.

Market Specifications

Trading Screen Product Name
UK Natural Gas 1st Line Financial Futures (USD/MMBtu)
Trading Screen Hub Name
NBP
Commodity Code
UKD
Trading Period
Up to 156 consecutive monthly Contract Periods, or as otherwise determined by the Exchange. Quarterly, seasonal, calendar, and any period of consecutive monthly contracts can be registered as a strip
Expiration Date
Trading will cease at the end of the designated settlement period 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
Any multiple of 10,000 MMBTUs
Contract Size
10,000 MMBtu
Minimum Trading Size
1 lot = 10,000 MMBTU
Minimum Block Order
5 lots = 50,000 MMBTU
Currency
United States dollars (USD)
Quotation
The contract price is in United States dollar and cent per MMBTU
Minimum Price Fluctuation
One tenth of one cent ($0.001) per MMBtu
Maximum Price Fluctuation
There are no limits
Tick Size
10 United States dollar
Settlement Method
Cash settlement
Settlement Price
The Daily Settlement Price of the UK Natural Gas Futures Contract (pence/therm) converted to USD using the WM/Reuters Closing GBPUSD Spot Rates as published by Refinitiv at 16:00 GMT.
Final Settlement
The cash settlement price for a UK NBP Gas 1st Line Financial Futures (USD/MMBTU) contract is calculated as the arithmetic mean of the settlement prices as published by the exchange for ICE UK Natural Gas Futures on each Trading Day during the period that the expiring month is the front month. Every settlement price is converted from Pound Sterling (GBP) to United State dollar (USD) using the WM/Reuters Closing GBPUSD Spot Rates as published by Refinitiv at 16:00 GMT on the day the settlement price was published by the Exchange. When there is no WM/Reuters Closing GBPUSD Spot Rate published, the next previous WM/Reuters Closing GBPUSD Spot Rate as published by Refinitiv will be used for settlement purposes.
Final Payment Date
Two Clearing House Business Days following the Last Trading Day
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.
Disclaimer
The WM/Reuters Closing Spot Rate is used under license from Refinitiv. The use of the WM/Reuters Closing Spot Rate does not imply or express any approval or endorsement by Refinitiv of the products listed on the Exchange. The WM/Reuters Closing Spot Rate is proprietary to Refinitiv.
MIC Code
IFEU
Clearing Venues
ICEU

Trading Hours

CityTradingPre-Open
New York7:50 PM - 6:00 PM
19:50 - 18:00
7:40 PM
19:40
London12:50 AM - 11:00 PM
00:50 - 23:00
12:40 AM
00:40
Singapore8:50 AM - 7:00 AM
08:50 - 07:00
8:40 AM
08:40

Codes

Clearing Admin Name
UK NG MMBTU USD
Physical
UKD
Logical
UKD
GMI(FC)
R&N A.C.N.