03/25/2003
Exchange Announces Launch Date for Two New Energy Contracts
The New York Mercantile Exchange, Inc., today announced that it will begin offering trading and clearing in 2 new contracts designed to appeal to over-the-counter (OTC) market participants. The contracts will begin trading on the NYMEX ClearPort(sm) system at 3:15 PM today.
The contracts will be traded on the NYMEX ClearPort(sm) Trading platform Sunday 7pm EPT through Friday at 2:30 EPT, and also available for exchange of futures for swaps and exchange of futures for physicals during the same time period through the Exchange's ClearPort Clearing website. Each of the contracts will be listed 36 months forward.
These products are:
Two natural gas basis contracts, each for 2,500 million British thermal units (mmBtu), based on the price reported for Waha and CIG on Inside FERC's Gas Market Report.
Contract codes will be as follows:
Waha NW
CIG CI
Other specifications are as follows:
Contract Unit
2,500 mm British Thermal Units
Trading Unit
Must trade in multiple consistent with the number of calendar days in the month
Price Reference
The Platts Inside FERC Gas Market Report for each location minus the Exchange’s Henry Hub natural gas futures final settlement price
Trading Months
36 months
Price Quotations
U.S. dollars and cents per mmBTU
Minimum Price Fluctuation
$0.0025 per mmBTU
Settlement
Financial
strong>Expiration
Last day of the month preceding the contract month
The margins on the Waha contract for the first month will be $650 for clearing members; $715 for members; and $878 for customers. The margins on all other months will be $450 for clearing members; $495 for members; and $608 for customers.
The margins on the CIG contract for the first month will be $1,800 for clearing members; $1,980 for members; and $2,430 for customers. Margins on the second month will be $1,200 for clearing members; $1,320 for members; and $1,620 for customers. On the third through sixth months, the margins will be $1,000 for clearing members; $1,100 for members; and $1,350 for customers. Margins on the seventh through 12th months will be $600 for clearing members; $660 for members; and $810 for customers. Margins on all other months will be $400 for clearing members; $440 for members; and $540 for customers.
The New York Mercantile Exchange, Inc., today announced that it will begin offering trading and clearing in 2 new contracts designed to appeal to over-the-counter (OTC) market participants. The contracts will begin trading on the NYMEX ClearPort(sm) system at 3:15 PM today.
The contracts will be traded on the NYMEX ClearPort(sm) Trading platform Sunday 7pm EPT through Friday at 2:30 EPT, and also available for exchange of futures for swaps and exchange of futures for physicals during the same time period through the Exchange's ClearPort Clearing website. Each of the contracts will be listed 36 months forward.
These products are:
Two natural gas basis contracts, each for 2,500 million British thermal units (mmBtu), based on the price reported for Waha and CIG on Inside FERC's Gas Market Report.
Contract codes will be as follows:
Waha NW
CIG CI
Other specifications are as follows:
Contract Unit
2,500 mm British Thermal Units
Trading Unit
Must trade in multiple consistent with the number of calendar days in the month
Price Reference
The Platts Inside FERC Gas Market Report for each location minus the Exchange’s Henry Hub natural gas futures final settlement price
Trading Months
36 months
Price Quotations
U.S. dollars and cents per mmBTU
Minimum Price Fluctuation
$0.0025 per mmBTU
Settlement
Financial
strong>Expiration
Last day of the month preceding the contract month
The margins on the Waha contract for the first month will be $650 for clearing members; $715 for members; and $878 for customers. The margins on all other months will be $450 for clearing members; $495 for members; and $608 for customers.
The margins on the CIG contract for the first month will be $1,800 for clearing members; $1,980 for members; and $2,430 for customers. Margins on the second month will be $1,200 for clearing members; $1,320 for members; and $1,620 for customers. On the third through sixth months, the margins will be $1,000 for clearing members; $1,100 for members; and $1,350 for customers. Margins on the seventh through 12th months will be $600 for clearing members; $660 for members; and $810 for customers. Margins on all other months will be $400 for clearing members; $440 for members; and $540 for customers.