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Natural gas accounts for almost a quarter of United States energy consumption,
and the NYMEX Division natural gas futures contract is widely used as a
national benchmark price. The futures contract trades in units of 10,000
million British thermal units (mmBtu). The price is based on delivery at the
Henry Hub in Louisiana, the nexus of 16 intra- and interstate natural gas
pipeline systems that draw supplies from the region's prolific gas deposits.
The pipelines serve markets throughout the U.S. East Coast, the Gulf Coast, the
Midwest, and up to the Canadian border. An options contract and calendar spread
options contracts provide additional risk management opportunities.
The spread between natural gas futures and electricity futures the spark
spread can be used to manage price risk in the power markets.
Because of the volatility of natural gas prices, a vigorous basis market has
developed in the pricing relationships between Henry Hub and other important
natural gas market centers in the continental United States and Canada. The
Exchange makes available for trading a series of basis swap futures contracts
that are quoted as price differentials between approximately 30 natural gas
pricing points and Henry Hub. The basis contracts trade in units of 2,500 mmBtu
on the NYMEX ClearPort trading platform. Transactions can also be
consummated off-Exchange and submitted to the Exchange for clearing via the
NYMEX ClearPort clearing website as an exchange of futures for
physicals or exchange of futures for swaps transaction.
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Daily Chart - Spot Month |
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C=Last
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Margins |
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Non-Member Customer Initial |
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Tier 1: $9,788 |
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Member Customer Initial |
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Tier 1: $7,975 |
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Clearing Member and Customer Maintenance |
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Tier 1: $7,250 |
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