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Natural Gas Short-Term Options Contract Specs

Contract Unit	10,000 MMBtu
Minimum Price Fluctuation	0.0001 per MMBtu = $10.00
Price Quotation	U.S. dollars and cents per MMBtu
Trading Hours	Sunday - Friday 6:00 p.m. - 5:00 p.m. (5:00 p.m. - 4:00 p.m. CT) with a 60-minute break each day beginning at 5:00 p.m. (4:00 p.m. CT)
Product Code	CME Globex: U01 CME ClearPort: U01 Clearing: U01
Listed Contracts	Daily contracts listed for the current day and the following four business days within a seven-calendar day period, unless that business day coincides with the expiration of a monthly Natural Gas Option in which case it is not listed.
Termination Of Trading	Termination of trading coincides with the ticker symbol symbol. For example, C25 N21 coincides with a termination of trading on July 25, 2021.
Position Limits	NYMEX Position Limits
Exchange Rulebook	NYMEX 1066
Block Minimum	Block Minimum Thresholds
Vendor Codes	Quote Vendor Symbols Listing
Strike Price Listing Procedures	Strike Price Listing and Exercise Procedures Table
Exercise Style	European
Settlement Method	Financially Settled
Underlying	Henry Hub Natural Gas 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 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

View our Henry Hub Natural Gas Futures Toolkit

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Contract Unit	A Henry Hub Natural Gas Calendar Spread Put Option on the Exchange represents an option to assume a short position in the first Expiring Henry Hub Natural Gas Futures in the spread and a long position in the second expiring Henry Hub Natural Gas Futures in the spread on the Exchange. A Henry Hub Natual Gas Calendar Spread Call Option represents an option to assume a long position in the first expiring Henry Hub Naturla Gas Futures in the spread and a short position in the second expiring Henry Hub Natural Gas Futures in the spread traded on the Exchange.
Minimum Price Fluctuation	$0.001 per MMBtu
Price Quotation	U.S. dollars and cents per MMBtu.
Trading Hours	Sunday - Friday 6:00 p.m. - 5:00 p.m. (5:00 p.m. - 4:00 p.m. Chicago Time/CT) with a 60-minute break each day beginning at 5:00 p.m. (4:00 p.m. CT)
Product Code	CME Globex: IAY CME ClearPort: IA Clearing: IA
Listed Contracts	Monthly contracts listed for 60 consecutive months.
Termination Of Trading	Trading terminates on the business day immediately preceding the expiration of the first expiring futures contract in the spread
Position Limits	NYMEX Position Limits
Exchange Rulebook	NYMEX 391
Block Minimum	Block Minimum Thresholds
Vendor Codes	Quote Vendor Symbols Listing
Strike Price Listing Procedures	Strike Price Listing and Exercise Procedures Table
Exercise Style	European
Settlement Method	Deliverable
Underlying	Natural Gas (Henry Hub) Physical Futures

Contract Unit	On expiration of a call option, the value will be the difference between the settlement price of the underlying Henry Hub Natural Gas Futures and the strike price multiplied by 10,000 MMBtu, or zero, whichever is greater. On exercise of a put option, the value will be the difference between the strike price and the settlement price of the underlying Henry Hub Natural Gas Futures multiplied by 10,000 MMBtu, or zero, whichever is greater.
Minimum Price Fluctuation	CME Globex:	$0.001 per MMBtu
	CME ClearPort:	$0.0001 per MMBtu
Price Quotation	U.S. dollars and cents per mmBtu.
Trading Hours	Sunday - Friday 6:00 p.m. - 5:00 p.m. (5:00 p.m. - 4:00 p.m. Chicago Time/CT) with a 60-minute break each day beginning at 5:00 p.m. (4:00 p.m. CT)
Product Code	CME Globex: LNE CME ClearPort: LN Clearing: LN
Listed Contracts	Monthly contracts listed for the current year and the next 12 calendar years. Monthly contracts for a new calendar year will be added following the termination of trading in the December contract of the current year..
Termination Of Trading	Trading terminates on the business day immediately preceding the expiration of the underlying futures contract.
Position Limits	NYMEX Position Limits
Exchange Rulebook	NYMEX 560
Block Minimum	Block Minimum Thresholds
Vendor Codes	Quote Vendor Symbols Listing
Strike Price Listing Procedures	Strike Price Listing and Exercise Procedures Table
Exercise Style	European
Settlement Method	Financially Settled
Underlying	Henry Hub Natural Gas Futures

Contract Unit	The underlying futures spread is defined as the settlement price of the first nearby underlying Natural Gas futures contract less the settlement price of the second nearby Natural Gas futures contract. A Henry Hub Natural Gas Financial Calendar Spread Put Option traded on the Exchange represents the cash difference between the strike price and the underlying futures spread multiplied by 10,000 MMBtu, or zero, whichever is greater. A Henry Hub Natural Gas Financial Calendar Spread Call Option traded on the Exchange represents the cash difference between the underlying futures spread and the strike price multiplied by 10,000 MMBtu, or zero, whichever is greater.
Minimum Price Fluctuation	$0.001 per MMBtu
Price Quotation	U.S. dollars and cents per mmBtu.
Trading Hours	Sunday - Friday 6:00 p.m. - 5:00 p.m. (5:00 p.m. - 4:00 p.m. Chicago Time/CT) with a 60-minute break each day beginning at 5:00 p.m. (4:00 p.m. CT)
Product Code	CME Globex: G4X CME ClearPort: G4 Clearing: G4
Listed Contracts	1- Month Spreads listed for 48 consecutive months
Termination Of Trading	Trading terminates on the business day prior to termination of first underlying futures contract
Position Limits	NYMEX Position Limits
Exchange Rulebook	NYMEX 399
Block Minimum	Block Minimum Thresholds
Vendor Codes	Quote Vendor Symbols Listing
Strike Price Listing Procedures	Strike Price Listing and Exercise Procedures Table
Exercise Style	European
Settlement Method	Financially Settled
Underlying	Natural Gas (Henry Hub) Last-day Financial Futures

Contract Unit	A Henry Hub Natural Gas Financial Calendar Spread Put Option traded on the Exchange represents the cash difference between the strike price and the settlement price of the second expiring Henry Hub Natural Gas Futures in the spread less the settlement price of the first expiring Henry Hub Natural Gas Futures in the spread multiplied by 10,000 MMBtu, or zero, whichever is greater. A Henry Hub Natural Gas Financial Calendar Spread Call Option traded on the Exchange represents the cash difference between the settlement price of the first expiring Henry Hub Natural Gas Futures in the spread less the settlement price of the second expiring Natural Gas Futures in the spread and the strike price multiplied by 10,000 MMBtu, or zero, whichever is greater.
Minimum Price Fluctuation	$0.001 per MMBtu
Price Quotation	U.S. dollars and cents per mmBtu.
Trading Hours	Sunday - Friday 6:00 p.m. - 5:00 p.m. (5:00 p.m. - 4:00 p.m. Chicago Time/CT) with a 60-minute break each day beginning at 5:00 p.m. (4:00 p.m. CT)
Product Code	CME Globex: AG2 CME ClearPort: G2 Clearing: G2
Listed Contracts	2- Month Spreads listed for 36 consecutive months
Termination Of Trading	Trading terminates on the business day prior to termination of first underlying futures contract
Position Limits	NYMEX Position Limits
Exchange Rulebook	NYMEX 399
Block Minimum	Block Minimum Thresholds
Vendor Codes	Quote Vendor Symbols Listing
Strike Price Listing Procedures	Strike Price Listing and Exercise Procedures Table
Exercise Style	European
Settlement Method	Financially Settled
Underlying	Natural Gas (Henry Hub) Last-day Financial Futures

Contract Unit	10,000 Million Brithish Thermal Units
Minimum Price Fluctuation	$0.001 per Million Brithish Thermal Unit
Price Quotation	Dollars and cents per mmBtu
Trading Hours	Sunday - Friday 6:00 p.m. - 5:00 p.m. (5:00 p.m. - 4:00 p.m. Chicago Time/CT) with a 60-minute break each day beginning at 5:00 p.m. (4:00 p.m. CT)
Product Code	CME Globex: ON1,ON2,ON3,ON4,ON5 CME ClearPort: ON1,ON2,ON3,ON4,ON5 Clearing: ON1,ON2,ON3,ON4,ON5
Listed Contracts	Four weekly expirations (Friday)
Termination Of Trading	Options expire on Friday. Options expire on Friday. If the Friday of the listing is a scheduled Exchange holiday, the option shall terminate on the first Business Day immediately preceding the Friday. However, if the first Business Day immediately preceding the Friday is the expiration of a Natural Gas monthly option, the weekly option shall not be listed for trading.
Position Limits	NYMEX Position Limits
Exchange Rulebook	NYMEX 1012
Block Minimum	Block Minimum Thresholds
Strike Price Listing Procedures	Strike Price Listing and Exercise Procedures Table
Exercise Style	American – no contrary instructions
Settlement Method	Deliverable
Underlying	Henry Hub Natural Gas Futures