Asset Class Navigation

Natural Gas Options (American) Contract Specs

Options
Contract Unit A Henry Hub Natural Gas Put (Call) Option traded on the Exchange represents an option to assume a short (long) position in the underlying Henry Hub Natural Gas Futures traded on the Exchange.
Minimum Price Fluctuation $0.001 per MMBtu
Price Quotation U.S. dollars and cents per mmBtu
Trading Hours CME Globex: Sunday - Friday 6:00 p.m. - 5:15 p.m. New York time/ET (5:00 p.m. - 4:15 p.m. Chicago Time/CT) with a 45-minute break each day beginning at 5:15 p.m. (4:15 p.m. CT)
CME ClearPort: Sunday - Friday 6:00 p.m. - 5:15 p.m. New York time/ET (5:00 p.m. - 4:15 p.m. Chicago Time/CT) with a 45-minute break each day beginning at 5:15 p.m. (4:15 p.m. CT)
Open Outcry: Monday - Friday 9:00 a.m. - 2:30 p.m. New York time/ET (8:00 a.m. - 1:30 p.m. Chicago Time/CT)
Product Code CME Globex: ON
CME ClearPort: ON
Open Outcry: ON
Clearing: ON
Listed Contracts Consecutive months for the balance of the current year plus 12 additional years.
Termination Of Trading Trading ends at the close of business on the business day immediately preceding the expiration of the underlying futures contract.
Position Limits NYMEX Position Limits
Exchange Rulebook NYMEX 370
Block Minimum Block Minimum Thresholds
Vendor Codes Quote Vendor Symbols Listing
Strike Prices Strike Price Interval Twenty strike prices in increments of $0.05 per mmBtu above and below the at-the-money strike price in all months, plus an additional 20 strike prices in increments of $0.05 per mmBtu above the at-the-money price will be offered in the first three nearby months, and the next 10 strike prices in increments of $0.25 per mmBtu above the highest and below the lowest existing strike prices in all months for a total of at least 81 strike prices in the first three nearby months and a total of at least 61 strike prices for four months and beyond. The at-the-money strike price is nearest to the previous day's close of the underlying futures contract. Strike price boundaries are adjusted according to futures price movements.
Exercise Style American
Settlement Method Deliverable
Underlying Natural Gas (Henry Hub) Physical Futures

About Natural Gas

Henry Hub Natural Gas (NG) Futures allow market participants significant hedging activity to manage risk in the highly volatile natural gas price, which is driven by weather-related demand. They also provide efficient transactions in and out of positions. Natural gas futures are:

  • The third-largest physical commodity futures contract in the world by volume
  • Widely used as a national benchmark price for natural gas, which continues to grow as a global and U.S. energy source
  • An independent, stand-alone commodity

Things to know about the contracts:

  • Natural gas futures prices are based on delivery at the Henry Hub in Louisiana.
  • Traded via open outcry, electronically on CME Globex and off-exchange for clearing only as an EFS, EFP or block trade through CME ClearPort.
  • Options types include American, calendar spread, European and daily.

Read more about Henry Hub Natural Gas (NG) Futures