The natural gas index futures contracts are monthly instruments and final settlement is based on the monthly average of differentials between daily and monthly price references for each specified location. The contracts will initially be listed for May 2005 through April 2008 for all locations.
The new contracts and their trading symbols are: Dominion natural gas index futures (IH); PG&E Citygate natural gas index futures (IK); Rockies natural gas index futures (IR); SoCal natural gas index futures (IF); San Juan natural gas index futures (IJ); Sumas natural gas index futures (IU); TETCO M-3 natural gas index futures (IX); and Transco Zone 6 natural gas index futures (IT).
The natural gas swing futures contracts are daily instruments and final settlement is based on the daily price reference for each specified location. The contracts will initially be listed for May 1, 2005 through May 31, 2005 for all locations and will include all days remaining in the current and following month on an on-going basis.
The new contracts and their trading symbols are: Dominion, South Point natural gas swing futures (SH); Kern Opal natural gas swing futures (SR); PG&E Citygate natural gas swing futures (SK); San Juan natural gas swing futures (SJ); SoCal natural gas swing futures (SF); Sumas natural gas swing futures (SU); TETCO M-3 natural gas swing futures (SX); and Transco Zone 6 natural gas swing futures (ST).
The futures contracts are based on the prices reported by Platts Gas Daily, Platts Inside FERC Gas Market Report, and Intelligence Press Natural Gas Intelligence Bidweek Survey.
The contracts will be available for trading on NYMEX ClearPortsm from 7 PM Sundays through 2:30 PM Fridays, with a 45-minute break each day between 2:30 PM and 3:15 PM. Off-Exchange transactions can also be submitted solely for clearing through NYMEX ClearPorsm.
The contract units will be 2,500 million British thermal units (mmBtu), and the minimum price fluctuation will be $0.0025 per mmBtu.
Fees for transactions submitted for clearing on NYMEX ClearPortsm will be $0.54 per contract for members and $0.67 for non-members. For trading on NYMEX ClearPorsm, liquidity providers will receive $0.25 per contract, and the participant on the other side of the trade will pay an all-inclusive fee of $0.65. Fees for cash settlement will be $0.54 for members and $0.67 for non-members.
Exchange President James E. Newsome said, "Market participants will have even greater flexibility with the addition of these sixteen new contracts to an already extensive list of risk management trading tools available on NYMEX ClearPortsm."
