- Trading Screen Product Name
- UK NBP Natural Gas Daily Financial Futures (ICIS)
- Trading Screen Hub Name
- NBP
- Contract Symbol
UND
- Contract Series
Up to 92 Daily Contracts or as otherwise determined and announced
by the Exchange from time to time. All Daily Products are strips of
one or more daily contracts and are listed in parallel.
1 Day-Ahead contract (DA)
1 Balance of Week contract (BOW)
3 Weekend contract (W/END)
1 Saturday contract (Saturday)
1 Sunday contract (Sunday)
5 Working Days Next Week contract (WK/DYNW)
1 Balance of Month contract (BOM)
Up to 2 Month Contracts
- Contract Size
1 lot = 1,000 therms of natural gas per day per delivery period.
Daily Products are adjusted for UK Bank Holidays.
The Day-Ahead contract (DA) is a strip of a single gas day from the
next weekday at 05:00 (GMT) to 05:00 (GMT) on the following
calendar day. In case UK bank holidays run sequentially either
after Sunday or before Saturday, the Day-Ahead contract is for
delivery on the first weekday after the bank holiday(s).
The Balance of Week contract (BOW) is a strip that spans four,
three or two individual and consecutive gas days from Tuesday 05:00
(GMT) through to Saturday 05:00 (GMT), Wednesday 05:00 (GMT)
through to Saturday 05:00 (GMT) or Thursday 05:00 (GMT) through to
Saturday 05:00 (GMT) respectively. UK Bank Holidays on Tuesday
and/or Friday are not included in the BOW contract.
The Weekend contract (W/END) is a strip that spans two individual
and consecutive gas days from Saturday 05:00 (GMT) through to
Monday 05:00 (GMT). The W/END contract is extended to three or four
consecutive gas days in case UK bank holidays runs sequentially
either after Sunday or before Saturday.
The Saturday contract (Saturday) is a strip of a single gas day
from Saturday 05:00 (GMT) through to Sunday 05:00 (GMT).
The Sunday contract (Sunday) is a strip of a single gas day from
Sunday 05:00 (GMT) through to Monday 05:00 (GMT).
The Working Days Next Week contract (WK/DYNW) is a strip that spans
five individual and consecutive gas days from Monday 05:00 (GMT)
through to Saturday 05:00 (GMT). UK Bank Holidays are not included
in the WK/DY NW contracts in case UK bank holidays runs
sequentially either after Sunday and/or before Saturday.
The Balance of Month contract (BOM) is a strip of two or more gas
days from two business days ahead to the end of the contract month,
where the first day of any period of non-trading days is considered
to be a business day. N.B. On certain days at the end of a contract
month there will not be a BOM listed.
The Month contracts are strips that span 28, 29, 30 or 31
individual and consecutive gas days from 05:00 (GMT) on the first
calendar day of a particular month through to 05:00 (GMT) on the
first calendar day of the next month.
- Unit of Trading
1,000 therms of natural gas per day (1 therm = 29.3071 kilowatt
hours)
- Minimum Trading Size
Futures: 5 lots = 5,000 therms per day
Block Order: 40 lots = 40,000 therms per day
- Price Quotation
The contract price is in Sterling and pence per therm
- Minimum Price Fluctuation
0.01 pence per therm (£0.001/therm)
- Tick Value
Contract Size x Minimum Trade Size x Minimum Price Fluctuation
- Last Trading Day
Trading of Daily Contracts will cease at the close of business on
the business day prior to the commencement of the Daily Contracts.
For the avoidance of doubt business days will have the meaning in
ICE Rules and Procedures i.e. following UK definition of business
day.
- Settlement Method
Financially Settled
- Cash Settlement Price
A price in pence Sterling per therm equal to the midpoint between
the bid and offer quotations for of the NBP Day-ahead and Weekend
price assessments as published by ICIS in the European Spot Gas
Market report.
- Final Settlement
A price in pence Sterling per therm equal to the midpoint between
the bid and offer quotations for of the NBP Day-ahead and Weekend
price assessments as published by ICIS in the European Spot Gas
Market report.
- Final Payment Date
Two Clearing House Business Days following the Last Trading Day
- Exchange Rulebook
- MIC Code
- IFEU
- Clearing Venues
- ICEU