• Reduction of Minimum Price Fluctuation for Certain Natural Gas Products

      • To
      • Members, Member Firms and Market Users
      • From
      • Market Regulation Department
      • #
      • SER-6162
      • Notice Date
      • 14 March 2012
      • Effective Date
      • 15 April 2012
    • Effective Sunday, April 15, 2012, for trade date Monday, April 16, 2012, please be advised that the New York Mercantile Exchange, Inc. (NYMEX or Exchange) will reduce the minimum price fluctuation for the natural gas contracts, listed in the table below, from $0.0025 per MMBtu to $0.0001 per MMBtu.
      The Exchange shall provide notification to the Commodity Futures Trading Commission of the amendments to the respective “Products and Fluctuations” rules for these contracts, in order to reflect the reduction of the minimum price fluctuation, within one week following the effective date of this change. The rule amendments are also provided below in black-line format.
       

      Contract Name
      Code
      Rule Chapter
      Henry Hub Basis Swap (Platts IFERC) Futures
      HB
      509
      SoCal Basis Swap (Platts IFERC) Futures
      NS
      520
      Texas Eastern, WLA Basis Swap (Platts IFERC) Futures
      8B
      433
      Transco Zone 6 Basis Swap (Platts IFERC) Futures
      NZ
      521
      TETCO ELA Basis Swap (Platts IFERC) Futures
      TE
      640
      San Juan Basis Swap (Platts IFERC) Futures
      NJ
      519
      ANR OK Basis Swap (Platts IFERC) Futures
      NE
      627
      Columbia Gulf Mainline Basis Swap (Platts IFERC) Futures
      5Z
      428
      MichCon Basis Swap (Platts IFERC) Futures
      NF
      619
      Dominion Basis Swap (Platts IFERC) Futures
      PG
      632
      Permian Basis Swap (Platts IFERC) Futures
      PM
      620
      CenterPoint Natural Gas Basis Swap (Platts IFERC) Futures
      PW
      807
      Transco Zone 4 Basis Swap (Platts IFERC) Futures
      TR
      805
      Transco Zone 3 Basis Swap (Platts IFERC) Futures
      CZ
      639
      Tennessee 800 Leg Basis Swap (Platts IFERC) Futures
      6Z
      432
      CIG Rockies Basis Swap (Platts IFERC) Futures
      CI
      633
      Tennessee 500 Leg Basis Swap (Platts IFERC) Futures
      NM
      770
      Chicago Basis Swap (Platts IFERC) Futures
      NB
      517
      Sumas Basis Swap (Platts IFERC) Futures
      NK
      628
      ANR Louisiana Basis Swap (Platts IFERC) Futures
      ND
      767
      PG&E Citygate Basis Swap (Platts IFERC) Futures
      PC
      624
      Southern Star Tx.-Okla.-Kan. Basis Swap (Platts IFERC) Futures
      8Z
      431
      Algonquin City-gates Natural Gas Basis Swap (Platts IFERC) Futures
      B4
      876
      FGT Zone 3 Basis Swap (Platts IFERC) Futures
      FP
      806
      TETCO STX Basis Swap (Platts IFERC) Futures
      TX
      641
      Texas Gas, Zone SL Basis Swap (Platts IFERC) Futures
      TB
      772
      OneOk, Oklahoma Basis Swap (Platts IFERC) Futures
      8X
      430
      Sonat Basis Swap (Platts IFERC) Futures
      SZ
      804
      Tennessee Zone 0 Basis Swap (Platts IFERC) Futures
      NQ
      771
      Texas Gas Zone 1 Basis Swap (Platts IFERC) Futures
      9F
      434
      Trunkline, Louisiana Basis Swap (Platts IFERC) Futures
      NU
      773
      NGPL STX Natural Gas Basis Swap (Platts IFERC) Futures
      T5
      875
      Transco Zone 1 Basis Swap (Platts IFERC) Futures
      8E
      435
      Dawn Natural Gas Basis Swap (Platts IFERC) Futures
      DW
      808
      SoCal City-Gate Basis Swap (Platts IFERC) Futures
      9A
      437
      Malin Basis Swap (Platts IFERC) Futures
      PB
      623
      Kern River Basis Swap (Platts IFERC) Futures
      NV
      768
      Florida Zone 2 Basis Swap (Platts IFERC) Futures
      8A
      429
      Transco Zone 2 Basis Swap (Platts IFERC) Futures
      8F
      436
      Questar Basis Swap (Platts IFERC) Futures
      TA
      769
      Henry Hub Natural Gas Index (Platts Gas Daily / Platts IFERC) Futures
      IN
      702
      Texas Eastern, WLA Natural Gas Index Swap (Platts Gas Daily/Platts IFERC) Futures
      C2
      440
      Tennessee 800 Leg Natural Gas Index Swap (Platts Gas Daily/Platts IFERC) Futures
      L4
      445
      Tennessee 500 Leg Natural Gas Index Swap (Platts Gas Daily/Platts IFERC) Futures
      Y7
      881
      Dominion Natural Gas Index Swap (Platt Gas Daily/Platts IFERC) Futures
      IH
      794
      Florida Gas Zone 3 Natural Gas Index Swap (Platts Gas Daily/Platts IFERC) Futures
      Q9
      447
      Columbia Gulf, Mainline Natural Gas Index Swap (Platts Gas Daily/Platts IFERC) Futures
      L2
      444
      NGPL STX Natural Gas Index Swap (Platts Gas Daily/Platts IFERC) Futures
      N6
      456
      Southern Natural, Louisiana Natural Gas Index Swap (Platts Gas Daily/Platts IFERC) Futures
      M8
      836
      Transco Zone 4 Natural Gas Index Swap (Platts Gas Daily/Platts IFERC) Futures
      B2
      448
      Algonquin City-Gates Natural Gas Index Swap (Platts Gas Daily/Platts IFERC) Futures
      N7
      457
      CenterPoint Natural Gas Index Swap (Platts Gas Daily / Platts IFERC) Futures
      II
      810
      Permian Natural Gas Index (Platts Gas Daily / Platts IFERC) Futures
      IL
      701
      Demarc Natural Gas Index Swap (Platts Gas Daily/Platts IFERC) Futures
      DI
      812
      MichCon Natural Gas Index Swap (Platts Gas Daily/Platts IFERC) Futures
      Y8
      882
      NGPL TexOk Natural Gas Index Swap (Platts Gas Daily/Platts IFERC) Futures
      OI
      814
      Waha Natural Gas Index (Platts Gas Daily / Platts IFERC) Futures
      IY
      705
      Tennessee Zone 0 Natural Gas Index Swap (Platts Gas Daily/Platts IFERC) Futures
      Q4
      879
      Ventura Natural Gas Index Swap (Platts Gas Daily/Platts IFERC) Futures
      VI
      815
      PG&E Citygate Natural Gas Index Swap (Platts Gas Daily/IFERC) Futures
      IK
      792
      OneOk, Oklahoma Natural Gas Index Swap (Platts Gas Daily/Platts IFERC) Futures
      C7
      439
      NGPL Mid-Con Natural Gas Index Swap (Platts Gas Daily/Platts IFERC) Futures
      IW
      813
      Dawn Natural Gas Index Swap (Platts Gas Daily/Platts IFERC) Futures
      IO
      811
      ANR Okahoma Natural Gas Index Swap (Platts Gas Daily/Platts IFERC) Futures
      IQ
      809
      ANR, Louisiana Natural Gas Index Swap (Platts Gas Daily/Platts IFERC) Futures
      M6
      454
      TETCO M-3 Natural Gas Index Swap (Platt Gas Daily/Platts IFERC) Futures
      IX
      798
      TCO Natural Gas Index Swap (Platts Gas Daily/Platts IFERC) Futures
      Q1
      877
      SoCal Natural Gas Index Swap (Platt Gas Daily/IFERC) Futures
      IF
      793
      SoCal City-Gate Natural Gas Index Swap (Platts Gas Daily/Platts IFERC) Futures
      N5
      455
      Transco, Zone 6 Natural Gas Index Swap (Platt Gas Daily/Platts IFERC) Futures
      IT
      799
      Panhandle Natural Gas Index (Platts Gas Daily / Platts IFERC) Futures
      IV
      704
      CIG Rockies Natural Gas Index Swap (Platts Gas Daily/Platts IFERC) Futures
      Z8
      883
      Malin Natural Gas Index Swap (Platts Gas Daily/Platts IFERC) Futures
      V8
      389
      Florida Gas, Zone 2 Natural Gas Index Swap (Platts Gas Daily/Platts IFERC) Futures
      C3
      441
      Chicago Natural Gas Index (Platts Gas Daily / IFERC) Futures
      IS
      700
      Transco Zone 1 Natural Gas Index Swap (Platts Gas Daily/Platts IFERC) Futures
      C4
      442
      Texas Eastern, ELA Natural Gas Index Swap (Platts Gas Daily/Platts IFERC) Futures
      M9
      835
      TETCO STX Natural Gas Index Swap (Platts Gas Daily/Platts IFERC) Futures
      Q2
      878
      Texas Gas, Zone SL Natural Gas Index Swap (Platts Gas Daily/Platts IFERC) Futures
      S7
      834
      Texas Gas Zone 1 Natural Gas Index Swap (Platts Gas Daily/Platts IFERC) Futures
      N4
      446
      San Juan Natural Gas Index Swap (Platt Gas Daily/Platts IFERC) Futures
      IJ
      796
      Rockies Natural Gas Index Swap (Platt Gas Daily/Platts IFERC) Futures
      IR
      795
      Sumas Natural Gas Index Swap (Platt Gas Daily/Platts IFERC) Futures
      IU
      797
      Southern Star, Tx.-Okla.-Kan. Natural Gas Index Swap (Platts Gas Daily/Platts IFERC) Futures
      C9
      438
      Questar Natural Gas Index Swap (Platts Gas Daily/Platts IFERC) Futures
      N8
      458
      Trunkline ELA Natural Gas Index Swap (Platts Gas Daily/Platts IFERC) Futures
      M7
      837
      Transco Zone 3 Natural Gas Index Swap (Platts Gas Daily/Platts IFERC) Futures
      Y6
      880
      Transco Zone 2 Natural Gas Index Swap (Platts Gas Daily/Platts IFERC) Futures
      L7
      443
      Algonquin City-Gates Natural Gas Swing Swap (Platts Gas Daily) Futures
      C8
      709
      PG&E Citygate Natural Gas Swing Swap (Platts Gas Daily) Futures
      SK
      786
      Panhandle Natural Gas Swing (Platts Gas Daily) Futures
      SV
      754
      OneOk ,Oklahoma Natural Gas Swing Swap (Platts Gas Daily) Futures
      M3
      461
      NGPL STX Natural Gas Swing Swap (Platts Gas Daily) Futures
      Q7
      708
      Houston Ship Channel Natural Gas Swing (Platts Gas Daily) Futures
      SM
      753
      Henry Hub Natural Gas Swing (Platts Gas Daily) Futures
      SN
      752
      Florida Gas, Zone 3 Natural Gas Swing Swap (Platts Gas Daily) Futures
      J8
      676
      Demarc Natural Gas Swing Swap (Platts Gas Daily) Futures
      DT
      819
      Columbia Gulf, Mainline Natural Gas Swing Swap (Platts Gas Daily) Futures
      X2
      649
      Columbia Gulf, Louisiana Natural Gas Swing Swap (Platts Gas Daily) Futures
      J6
      678
      ANR OK Natural Gas Swing Swap (Platts Gas Daily) Futures
      SQ
      816
      ANR, Louisiana Natural Gas Swing Swap (Platts Gas Daily) Futures
      K6
      707
      Alberta Natural Gas Swing Swap (Platts Gas Daily) Futures
      K5
      858
      TETCO M-3 Natural Gas Swing Swap (Platts Gas Daily) Futures
      SX
      790
      Tennessee, 800 Leg Natural Gas Swing Swap (Platts Gas Daily) Futures
      W5
      673
      Tennessee 500 Leg Natural Gas Swing Swap (Platts Gas Daily) Futures
      T7
      890
      TCO Natural Gas Swing Swap (Platts Gas Daily) Futures
      A1
      884
      Southern Star, Tx.-Okla.-Kan. Natural Gas Swing Swap (Platts Gas Daily) Futures
      M4
      460
      SoCal Natural Gas Swing Swap (Platts Gas Daily) Futures
      SF
      788
      SoCal City-Gate Natural Gas Swing Swap (Platts Gas Daily) Futures
      T9
      459
      Waha Natural Gas Swing (Platts Gas Daily) Futures
      SY
      755
      Ventura Natural Gas Swing Swap (Platts Gas Daily) Futures
      VS
      822
      Transco, Zone 6 Natural Gas Swing Swap (Platts Gas Daily) Futures
      ST
      791
      NGPL TexOk Natural Gas Swing Swap (Platts Gas Daily) Futures
      OX
      821
      NGPL Mid-Con Natural Gas Swing Swap (Platts Gas Daily) Futures
      PX
      820
      MichCon Natural Gas Swing Swap (Platts Gas Daily) Futures
      T8
      891
      Malin Natural Gas Swing Swap (Platts Gas Daily) Futures
      W9
      887
      Kern Opal Natural Gas Swing Swap (Platts Gas Daily) Futures
      SR
      785
      Florida Gas, Zone 2 Natural Gas Swing Swap (Platts Gas Daily) Futures
      X5
      463
      Dawn Natural Gas Swing Swap (Platts Gas Daily) Futures
      OW
      818
      Permian Natural Gas Swing (Platts Gas Daily) Futures
      SL
      751
      Dominion, South Point Natural Gas Swing Swap (Platts Gas Daily) Futures
      SH
      784
      San Juan Natural Gas Swing Swap (Platts Gas Daily) Futures
      SJ
      787
      CIG Rockies Natural Gas Swing Swap (Platts Gas Daily) Futures
      U8
      892
      Chicago Natural Gas Swing (Platts Gas Daily) Futures
      SS
      750
      CenterPoint Natural Gas Swing Swap (Platts Gas Daily) Futures
      VX
      817
      Texas Gas, Zone SL Natural Gas Swing Swap (Platts Gas Daily) Futures Futures
      J7
      679
      Texas Gas, Zone 1 Natural Gas Swing Swap (Platts Gas Daily) Futures
      Y9
      674
      Texas Eastern, WLA Natural Gas Swing Swap (Platts Gas Daily) Futures
      X8
      462
      Texas Eastern, ELA Natural Gas Swing Swap (Platts Gas Daily) Futures
      K9
      689
      TETCO STX Natural Gas Swing Swap (Platts Gas Daily) Futures
      T2
      885
      Tennessee Zone 0 Natural Gas Swing Swap (Platts Gas Daily) Futures
      T4
      886
      Sumas Natural Gas Swing Swap (Platts Gas Daily) Futures
      SU
      789
      Stanfield Natural Gas Swing Swap (Platts Gas Daily) Futures
      Q3
      888
      Southern Natural, Louisiana Natural Gas Swing Swap (Platts Gas Daily) Futures
      K8
      690
      Questar Natural Gas Swing Swap (Platts Gas Daily) Futures
      C6
      749
      Trunkline ELA Natural Gas Swing Swap (Platts Gas Daily) Futures
      K7
      706
      Transco Zone 4 Natural Gas Swing Swap (Platts Gas Daily) Futures
      J3
      677
      Transco Zone 3 Natural Gas Swing Swap (Platts Gas Daily) Futures
      T6
      889
      Transco Zone 2 Natural Gas Swing Swap (Platts Gas Daily) Futures
      X3
      648
      Transco Zone 1 Natural Gas Swing Swap (Platts Gas Daily) Futures
      X4
      646
      Houston Ship Channel Natural Gas Index Swap (Platts Gas Daily / Platts IFERC) Futures
      IP
      703
      Columbia Gulf, Louisiana Natural Gas Index Swap (Platts Gas Daily/Platts IFERC) Futures
      S9
      449

       
      (underline indicates addition; strikethrough indicates deletion)
      Rule Amendments for Natural Gas Basis and Index Swap Futures
       
      XXX.05. PRICES AND FLUCTUATIONS
      Prices shall be quoted in U.S. dollars and cents per MMBtu. The minimum price fluctuation shall be $0.0025$0.0001per MMBtu. There shall be no maximum price fluctuation.
      Rule Amendments for Natural Gas Swing Swap Futures
      XXX.06. PRICES AND FLUCTUATIONS
      Prices shall be quoted in U.S. dollars and cents per MMBtu. The minimum price fluctuation shall be $0.0025 $0.0001 per MMBtu. There shall be no maximum price fluctuation.
       
      Please refer questions on this subject to:
      Research and Product Development
      Brad Leach                               Bradford.Leach@cmegroup.com                       212.299.2609
      Adila Mchich                             Adila.Mchich@cmegroup.com                           212.299.2270

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