The options contracts will be based on the differential between the closest October natural gas futures contract and the closest April natural gas futures and the closest April and next October natural gas futures contracts. Under the current schedule, the new contracts will represent the spread between the October 2004 and April 2005 and the April 2005 and October 2005 natural gas futures contracts.
Exchange President James E. Newsome said, "These additional contracts recognize the seasonal nature of the natural gas market and provide our market participants with greater flexibility in managing their price risk."
