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| Trading Unit |
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| 2,500 mmBtu |
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| Price Quotation |
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| U.S. dollars and cents per mmBtu. |
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| Trading Hours (All times are New York time) |
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Open outcry trading is conducted from 9:00 AM until 2:30 PM.
Off-Exchange transactions can be submitted solely for clearing to the NYMEX ClearPort® clearing website as an exchange of futures for swaps (EFS) or exchange of futures for physicals (EFP) transaction until 5:15 PM, Monday through Friday, and the day preceding a holiday. |
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| Trading Months |
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| 72 consecutive months. |
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| Minimum Price Fluctuation |
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| $0.001 (0.1¢) per mmBtu ($10.00 per contract). |
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| Last Trading Day |
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| Trading ends on the the termination day of the underlying basis swap. |
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| Strike Prices |
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| Five strike prices in increments of $0.01 per mmBtu above and below the at-the-money strike price Strike price boundaries are adjusted according to futures price movements. |
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| Settlement |
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| Upon expiration a long call option on a "Pipe" options contract will be financially settled by adding the settlement price for the same delivery month of Henry Hub Natural Gas Swap Futures to the underlying NYMEX Basis swap less the strike price multiplied by 2,500 mmBtu, or zero, whichever is greater. Upon expiration a long put on the above "Pipe" options contract will be financially settled by subtracting from the strike price the settlement price for the same delivery month of Henry Hub Natural Gas Swap Futures added to the underlying NYMEX Basis swap multiplied by 2,500 mmBtu, or zero whichever is greater. |
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| Trading Symbol |
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| PK |
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