|  Definitions, Sources and Explanatory Notes |
|--------------------------------------------------|
|  Category:   | Natural Gas Prices |
|-----------------------------|--------------------|
|                             |
|  Topic:      | Futures Prices     |
|                         |
|-------------------------|
|   Definitions |  |
|                         |
| Key Terms           | Definition                                                                                                                                                                                                                                                                           |
|---------------------|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
| Contract 1          | A futures contract specifying the earliest delivery date.  Natural gas contracts expire three business days prior to the first calendar day of the delivery month.  Thus, the delivery month for Contract 1 is the calendar month following the trade date.                        |
| Contract 2-4        | Represent the successive delivery months following Contract 1.                                                                                                                                                                                                                       |
| Futures Price       | The price quoted for delivering a specified quantity of a commodity at a specified time andplace in the future.                                                                                                                                                                     |
| Natural Gas         | A gaseous mixture of hydrocarbon compounds, the primary one being methane.                                                                                                                                                                                                           |
| NGL Composite Price | The natural gas liquids (NGL) composite price is derived from daily Bloomberg spot price data for natural gas liquids at Mont Belvieu, Texas, weighted by gas processing plant production volumes of each product as reported on Form EIA-816, "Monthly Natural Gas Liquids Report." |
| Spot Price          | The price for a one-time open market transaction for immediate delivery of a specificquantity of product at a specific location where the commodity is purchased "on the spot"at current market rates.                                                                             |
|                                                                               |
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| For definitions of related energy terms, refer to the   EIA Energy Glossary. |
|  	Sources |
|-----------------|
|  |
|--|
|  | Spot Price: Refinitiv, an LSEG business.NGL Composite Price: Bloomberg.Futures Prices: New York Mercantile Exchange (NYMEX). |
|                           |
|---------------------------|
|  	Explanatory Notes |
|                           |
|  | Prices are based on delivery at the Henry Hub in Louisiana. Official daily closing prices at   2:30 p.m. from the trading floor of the New York Mercantile Exchange (NYMEX) for a specific   delivery month. |
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