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Henry Hub Natural Gas Futures Contract Specs

Contract Unit 10,000 MMBtu
Price Quotation U.S. dollars and cents per MMBtu
Trading Hours CME Globex: 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)

TAS: Sunday - Friday 6:00 p.m. - 2:30 p.m. (5:00 p.m. - 1:30 p.m. CT)
CME ClearPort: 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)
Minimum Price Fluctuation CME ClearPort: 0.001 per MMBtu = $10.00
CME Globex: Outright: 0.001 per MMBtu = $10.00

Inter-commodity spreads: 0.00025 per MMBtu = $2.50

TAS: Zero or +/- 10 ticks in the minimum tick increment of the outright
Product Code CME Globex: NG
CME ClearPort: NG
Clearing: NG
TAS: NGT
Listed Contracts Monthly contracts listed for the current year and the next 12 calendar years. Add monthly contracts for a new calendar year following the termination of trading in the December contract of the current year.
Settlement Method Deliverable
Termination Of Trading Trading terminates on the 3rd last business days of the month prior to the contract month. 
Trade At Marker Or Trade At Settlement Rules Trading at Settlement (TAS) is subject to the requirements of Rule 524.A. TAS trades off a "Base Price" of zero (equal to the daily settlement price) to create a differential versus the daily settlement price in the underlying futures contract month. The TAS clearing price equals the daily settlement price of the underlying futures contract month plus or minus the TAS transaction price.

TAS Table
Settlement Procedures Natural Gas Futures Settlement Procedures
Position Limits NYMEX Position Limits
Exchange Rulebook NYMEX 220
Block Minimum Block Minimum Thresholds
Price Limit Or Circuit Price Limits
Vendor Codes Quote Vendor Symbols Listing
Grade And Quality Natural Gas meeting the specifications set forth in the FERC-approved tariff of Sabine Pipe Line Company as then in effect at the time of delivery shall be deliverable in satisfaction of futures
contract delivery obligations.

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