ICE UK Natural Gas

__NOTOC__
The ICE UK Natural Gas Futures contract, first listed in January of 1997, is used primarily to manage price risk in the underlying physical natural gas market, as an investment vehicle, to effect physical delivery into the UK gas grid, and to enable users to separate/reference the price element within a long-term physical gas contract.
The contract results in physical delivery only if position(s) are not closed out prior to expiration. Physical delivery takes place within the UK natural gas grid at the National Balancing Point (NBP). Delivery must be made equally throughout the delivery period and equivalent to the number of lots open at the time of expiration.
The ICE UK Natural Gas Options contract is an option on the ICE UK Natural Gas Futures contract. At expiry, one lot of UK Natural Gas Options will exercise into one lot of UK Natural Gas Futures. UK Natural Gas Options are European-style, such that In-The-Money options, unless abandoned, are automatically exercised at expiry. At-The-Money and Out-of-The-Money options will expire un-exercised unless the Member has elected to exercise them.
== Uses ==
Natural gas is a fossil fuel source of energy. Due to economical and ecological advantages that it presents as well as its safety qualities (e.g. reduced flammable range), natural gas is an increasingly attractive source of energy in many countries. 
== Data Quotes ==
ICE offers data quotes on a subscription basis. 
== Contract Specs ==
UK Natural Gas Future 	UK Natural Gas Future 	UK Natural Gas Future 	UK Natural Gas Future
Trading Screen Product Name	UK Natural Gas Futures 	UK Natural Gas Futures 	UK Natural Gas Futures
Trading Screen Hub Name 	NBP 	NBP 	NBP
Trading Period 	78-83 consecutive month contracts.
11-13 consecutive quarters.
Quarters are strips of three individual and consecutive contract months. Quarters always comprise a strip of Jan-Mar, Apr-Jun, Jul- Sep or Oct-Dec.
13-14 consecutive seasons.
Seasons are strips of six individual and consecutive contract months. Seasons always comprise a strip of Apr-Sep or Oct-Mar.
6 consecutive years.
Years are strips of twelve individual and consecutive contract months comprising Jan - Dec.
Months, quarters, seasons and years are listed in parallel.	78-83 consecutive month contracts.
11-13 consecutive quarters.
Quarters are strips of three individual and consecutive contract months. Quarters always comprise a strip of Jan-Mar, Apr-Jun, Jul- Sep or Oct-Dec.
13-14 consecutive seasons.
Seasons are strips of six individual and consecutive contract months. Seasons always comprise a strip of Apr-Sep or Oct-Mar.
6 consecutive years.
Years are strips of twelve individual and consecutive contract months comprising Jan - Dec.
Months, quarters, seasons and years are listed in parallel.	78-83 consecutive month contracts.
11-13 consecutive quarters.
Quarters are strips of three individual and consecutive contract months. Quarters always comprise a strip of Jan-Mar, Apr-Jun, Jul- Sep or Oct-Dec.
13-14 consecutive seasons.
Seasons are strips of six individual and consecutive contract months. Seasons always comprise a strip of Apr-Sep or Oct-Mar.
6 consecutive years.
Years are strips of twelve individual and consecutive contract months comprising Jan - Dec.
Months, quarters, seasons and years are listed in parallel.
Expiration Date 	Trading will cease at the close of business two Business Days prior to the first calendar day of the delivery month, quarter, season, or calendar. 	Trading will cease at the close of business two Business Days prior to the first calendar day of the delivery month, quarter, season, or calendar. 	Trading will cease at the close of business two Business Days prior to the first calendar day of the delivery month, quarter, season, or calendar.
Contract Security 	ICE Clear Europe acts as central counterparty to all trades thereby guaranteeing the financial performance of ICE Futures Europe contracts registered in the name of its Members up to and including delivery, exercise and/or settlement. 	ICE Clear Europe acts as central counterparty to all trades thereby guaranteeing the financial performance of ICE Futures Europe contracts registered in the name of its Members up to and including delivery, exercise and/or settlement. 	ICE Clear Europe acts as central counterparty to all trades thereby guaranteeing the financial performance of ICE Futures Europe contracts registered in the name of its Members up to and including delivery, exercise and/or settlement.
Trading Model 	Continuous trading throughout trading hours 	Continuous trading throughout trading hours 	Continuous trading throughout trading hours
Trading Methods 	Electronic futures, Exchange for Physical (EFP), Exchange for Swap (EFS) and Block Trades are available for this contract. 	Electronic futures, Exchange for Physical (EFP), Exchange for Swap (EFS) and Block Trades are available for this contract. 	Electronic futures, Exchange for Physical (EFP), Exchange for Swap (EFS) and Block Trades are available for this contract.
Unit of Trading 	1,000 therms of natural gas per day (1 therm = 29.3071 kilowatt hours) 	1,000 therms of natural gas per day (1 therm = 29.3071 kilowatt hours) 	1,000 therms of natural gas per day (1 therm = 29.3071 kilowatt hours)
Contract Size 	1,000 therms per day per delivery period (ie month, quarter, season or year.)
Delivery Period	Therms
Feb (non leap year):	28,000 therms
Feb (leap year):	29,000 therms
Jan, Mar, May, Jul, Aug, Oct, Dec:	31,000 therms
Apr, Jun, Sep, Nov:	30,000 therms 	1,000 therms per day per delivery period (ie month, quarter, season or year.)
Delivery Period	Therms
Feb (non leap year):	28,000 therms
Feb (leap year):	29,000 therms
Jan, Mar, May, Jul, Aug, Oct, Dec:	31,000 therms
Apr, Jun, Sep, Nov:	30,000 therms 	1,000 therms per day per delivery period (ie month, quarter, season or year.)
Delivery Period	Therms
Feb (non leap year):	28,000 therms
Feb (leap year):	29,000 therms
Jan, Mar, May, Jul, Aug, Oct, Dec:	31,000 therms
Apr, Jun, Sep, Nov:	30,000 therms
Minimum Trading Size 	5 lots = 5,000 therms per day 	5 lots = 5,000 therms per day 	5 lots = 5,000 therms per day
Minimum Block Order 	40 lots = 40,000 therms per day 	40 lots = 40,000 therms per day 	40 lots = 40,000 therms per day
Quotation 	The contract price is in Sterling and pence per therm 	The contract price is in Sterling and pence per therm 	The contract price is in Sterling and pence per therm
Minimum Price Fluctuation 	Futures - 0.01 pence/therm
EFP/EFS/Block - 0.001 pence/therm 	Futures - 0.01 pence/therm
EFP/EFS/Block - 0.001 pence/therm 	Futures - 0.01 pence/therm
EFP/EFS/Block - 0.001 pence/therm
Maximum Price Fluctuation 	There are no limits 	There are no limits 	There are no limits
Tick Size 	Contract Size x Minimum Trade Size x Minimum Price Flux 	Contract Size x Minimum Trade Size x Minimum Price Flux 	Contract Size x Minimum Trade Size x Minimum Price Flux
Settlement Price 	The weighted average price of trades during a ten-minute settlement period from 16:05:00 to 16:15:00, London Local Time. If there is low liquidity during this time, Quoted Settlement Prices (QSPs) will be used to establish the settlement price 	The weighted average price of trades during a ten-minute settlement period from 16:05:00 to 16:15:00, London Local Time. If there is low liquidity during this time, Quoted Settlement Prices (QSPs) will be used to establish the settlement price 	The weighted average price of trades during a ten-minute settlement period from 16:05:00 to 16:15:00, London Local Time. If there is low liquidity during this time, Quoted Settlement Prices (QSPs) will be used to establish the settlement price
Position Limit 	Positions are reported to the Exchange on a daily basis. The Exchange has powers to prevent the development of excessive positions or unwarranted speculation or any other undesirable situation and may take steps to resolve such situations including the ability to mandate Members to limit the size of such positions or to reduce positions where appropriate.	Positions are reported to the Exchange on a daily basis. The Exchange has powers to prevent the development of excessive positions or unwarranted speculation or any other undesirable situation and may take steps to resolve such situations including the ability to mandate Members to limit the size of such positions or to reduce positions where appropriate.	Positions are reported to the Exchange on a daily basis. The Exchange has powers to prevent the development of excessive positions or unwarranted speculation or any other undesirable situation and may take steps to resolve such situations including the ability to mandate Members to limit the size of such positions or to reduce positions where appropriate.
Initial Margin 	Calculated on all open contracts, Initial Margin, as defined in the ICE Clear Europe Clearing Rules, is a deposit held by ICE Clear Europe in order to cover the costs that may be incurred in closing out a position in default. It is returned upon the closing of the position, or at expiry, with interest. 	Calculated on all open contracts, Initial Margin, as defined in the ICE Clear Europe Clearing Rules, is a deposit held by ICE Clear Europe in order to cover the costs that may be incurred in closing out a position in default. It is returned upon the closing of the position, or at expiry, with interest. 	Calculated on all open contracts, Initial Margin, as defined in the ICE Clear Europe Clearing Rules, is a deposit held by ICE Clear Europe in order to cover the costs that may be incurred in closing out a position in default. It is returned upon the closing of the position, or at expiry, with interest.
Daily Margin 	All open contracts are 'marked-to-market' daily, with Variation Margin, as defined in the ICE Clear Europe Clearing Rules, being called for as appropriate. 	All open contracts are 'marked-to-market' daily, with Variation Margin, as defined in the ICE Clear Europe Clearing Rules, being called for as appropriate. 	All open contracts are 'marked-to-market' daily, with Variation Margin, as defined in the ICE Clear Europe Clearing Rules, being called for as appropriate.
Delivery/Settlement Terms 	Matching Acquiring and Disposing Trade Nominations (buyer from ICEU, seller to ICEU) are input by buyer and seller to National Grid via Gemini before 18:30 on the business day prior to the commencement of the delivery period. Delivery takes place in kilowatt-hours (29.3071 kilowatt hours per therm).
The EDSP will be the Settlement Price on the day the contract expires.	Matching Acquiring and Disposing Trade Nominations (buyer from ICEU, seller to ICEU) are input by buyer and seller to National Grid via Gemini before 18:30 on the business day prior to the commencement of the delivery period. Delivery takes place in kilowatt-hours (29.3071 kilowatt hours per therm).
The EDSP will be the Settlement Price on the day the contract expires.	Matching Acquiring and Disposing Trade Nominations (buyer from ICEU, seller to ICEU) are input by buyer and seller to National Grid via Gemini before 18:30 on the business day prior to the commencement of the delivery period. Delivery takes place in kilowatt-hours (29.3071 kilowatt hours per therm).
The EDSP will be the Settlement Price on the day the contract expires.
Markers 	TAS (Trade at Settlement) 	TAS (Trade at Settlement) 	TAS (Trade at Settlement)
MIC Code 	IFEU 	IFEU 	IFEU
Clearing Venues 	ICEU 	ICEU 	ICEU
Trading Hours 	CITY 	TRADING 	PRE-OPEN
Trading Hours 	NEW YORK 	2:00 AM - 12:00 PM
02:00 - 12:00 	1:45 AM
01:45
Trading Hours 	LONDON 	7:00 AM - 5:00 PM
07:00 - 17:00 	6:45 AM
06:45
Trading Hours 	SINGAPORE 	2:00 PM - 12:00 AM
14:00 - 00:00 	1:45 PM
13:45
Trading Hours 	*Next Day
Sunday Pre-Open 5:40 PM ET; Closed on Saturday 	*Next Day
Sunday Pre-Open 5:40 PM ET; Closed on Saturday 	*Next Day
Sunday Pre-Open 5:40 PM ET; Closed on Saturday
Codes 	Clearing Admin Name 	IPE Nat Gas 	IPE Nat Gas
Codes 	Physical 	M 	M
Codes 	Logical 	GWM 	GWM
Codes 	GMI (FC) 	WM 	WM
Codes 	ION A.C.N. 	0960 	0960
UK Natural Gas Options 	UK Natural Gas Options 	UK Natural Gas Options 	UK Natural Gas Options
Trading Screen Product Name	UK Natural Gas Futures 	UK Natural Gas Futures 	UK Natural Gas Futures
Trading Screen Hub Name 	NBP 	NBP 	NBP
Hedge Instrument 	ICE UK Natural Gas Futures contract. 	ICE UK Natural Gas Futures contract. 	ICE UK Natural Gas Futures contract.
Trading Period 	Up to 36 consecutive months.
Quarterly, seasonal, calendar, and any period of consecutive monthly contracts can be registered as a strip. For example, a Q1 option is an option on Jan, an option on Feb, and an option on Mar, with each option expiring five calendar days before the start of the relevant contract month. 	Up to 36 consecutive months.
Quarterly, seasonal, calendar, and any period of consecutive monthly contracts can be registered as a strip. For example, a Q1 option is an option on Jan, an option on Feb, and an option on Mar, with each option expiring five calendar days before the start of the relevant contract month. 	Up to 36 consecutive months.
Quarterly, seasonal, calendar, and any period of consecutive monthly contracts can be registered as a strip. For example, a Q1 option is an option on Jan, an option on Feb, and an option on Mar, with each option expiring five calendar days before the start of the relevant contract month.
Expiration Date 	Trading will cease when the intraday reference price is set, 12:50 - 13:00 LLT, of the underlying futures contract five calendar days before the start of the contract month. If that day is a non-business day, expiry will occur on the nearest prior business day, except where that day is also the expiry date of the underlying futures contract, in which case expiry will be occur on the preceding business day.	Trading will cease when the intraday reference price is set, 12:50 - 13:00 LLT, of the underlying futures contract five calendar days before the start of the contract month. If that day is a non-business day, expiry will occur on the nearest prior business day, except where that day is also the expiry date of the underlying futures contract, in which case expiry will be occur on the preceding business day.	Trading will cease when the intraday reference price is set, 12:50 - 13:00 LLT, of the underlying futures contract five calendar days before the start of the contract month. If that day is a non-business day, expiry will occur on the nearest prior business day, except where that day is also the expiry date of the underlying futures contract, in which case expiry will be occur on the preceding business day.
Contract Security 	ICE Clear Europe acts as central counterparty to all trades thereby guaranteeing the financial performance of ICE Futures Europe contracts registered in the name of its Members up to and including delivery, exercise and/or settlement. 	ICE Clear Europe acts as central counterparty to all trades thereby guaranteeing the financial performance of ICE Futures Europe contracts registered in the name of its Members up to and including delivery, exercise and/or settlement. 	ICE Clear Europe acts as central counterparty to all trades thereby guaranteeing the financial performance of ICE Futures Europe contracts registered in the name of its Members up to and including delivery, exercise and/or settlement.
Trading Hours 	07:00 - 17:00, Local London Time (LLT), Monday - Friday. 	07:00 - 17:00, Local London Time (LLT), Monday - Friday. 	07:00 - 17:00, Local London Time (LLT), Monday - Friday.
Trading Model 	Continuous trading throughout trading hours 	Continuous trading throughout trading hours 	Continuous trading throughout trading hours
Trading Methods 	Electronic futures, Exchange for Physical (EFP), Exchange for Swap (EFS) and Block Trades are available for this contract. 	Electronic futures, Exchange for Physical (EFP), Exchange for Swap (EFS) and Block Trades are available for this contract. 	Electronic futures, Exchange for Physical (EFP), Exchange for Swap (EFS) and Block Trades are available for this contract.
Unit of Trading 	1,000 therms of natural gas per day (1 therm = 29.3071 kilowatt hours) 	1,000 therms of natural gas per day (1 therm = 29.3071 kilowatt hours) 	1,000 therms of natural gas per day (1 therm = 29.3071 kilowatt hours)
Minimum Trading Size 	5 lots = 5,000 therms per day 	5 lots = 5,000 therms per day 	5 lots = 5,000 therms per day
Minimum Block Order 	25 lots = 25,000 therms per day 	25 lots = 25,000 therms per day 	25 lots = 25,000 therms per day
Quotation 	The contract price is in Sterling and pence per therm 	The contract price is in Sterling and pence per therm 	The contract price is in Sterling and pence per therm
Minimum Trading Size 	5 lots = 5,000 therms per day 	5 lots = 5,000 therms per day 	5 lots = 5,000 therms per day
Strike Price Increments 	Strike range of 5.00-120.00 pence/therm.
Multiples of 0.01 pence per therm. 	Strike range of 5.00-120.00 pence/therm.
Multiples of 0.01 pence per therm. 	Strike range of 5.00-120.00 pence/therm.
Multiples of 0.01 pence per therm.
Minimum Price Fluctuation 	Futures Screen - 0.01 pence/therm
EFPs/EFSs/Blocks - 0.001 pence/therm 	Futures Screen - 0.01 pence/therm
EFPs/EFSs/Blocks - 0.001 pence/therm 	Futures Screen - 0.01 pence/therm
EFPs/EFSs/Blocks - 0.001 pence/therm
Maximum Price Fluctuation 	There are no limits. 	There are no limits. 	There are no limits.
Position Limit 	Positions are reported to the Exchange on a daily basis. The Exchange has powers to prevent the development of excessive positions or unwarranted speculation or any other undesirable situation and may take steps to resolve such situations including the ability to mandate members to limit the size of such positions or to reduce positions where appropriate. 	Positions are reported to the Exchange on a daily basis. The Exchange has powers to prevent the development of excessive positions or unwarranted speculation or any other undesirable situation and may take steps to resolve such situations including the ability to mandate members to limit the size of such positions or to reduce positions where appropriate. 	Positions are reported to the Exchange on a daily basis. The Exchange has powers to prevent the development of excessive positions or unwarranted speculation or any other undesirable situation and may take steps to resolve such situations including the ability to mandate members to limit the size of such positions or to reduce positions where appropriate.
Option Premium 	Equity-style such that premiums are paid at the time the transaction is executed. 	Equity-style such that premiums are paid at the time the transaction is executed. 	Equity-style such that premiums are paid at the time the transaction is executed.
Exercise 	Expires into the ICE UK Natural Gas Futures contract with European-style exercise. If the option is not abandoned, automatic exercise will occur for options which are one or more ticks in the money. At-The-Money and Out-of-The-Money options will expire worthless. Members will have up to one hour after cessation of trading on the option expiry day to manually abandon or exercise an option. 	Expires into the ICE UK Natural Gas Futures contract with European-style exercise. If the option is not abandoned, automatic exercise will occur for options which are one or more ticks in the money. At-The-Money and Out-of-The-Money options will expire worthless. Members will have up to one hour after cessation of trading on the option expiry day to manually abandon or exercise an option. 	Expires into the ICE UK Natural Gas Futures contract with European-style exercise. If the option is not abandoned, automatic exercise will occur for options which are one or more ticks in the money. At-The-Money and Out-of-The-Money options will expire worthless. Members will have up to one hour after cessation of trading on the option expiry day to manually abandon or exercise an option.
MIC Code 	IFEU 	IFEU 	IFEU
Clearing Venues 	ICEU 	ICEU 	ICEU
Codes 	Clearing Admin Name 	IPE Nat Gas 	IPE Nat Gas
Codes 	Physical 	M 	M
Codes 	Logical 	GWM 	GWM
Codes 	GMI (FC) 	WM 	WM
Codes 	ION A.C.N. 	0960 	0960
UK Natural Gas Options (Futures Style Margin)	UK Natural Gas Options (Futures Style Margin) 	UK Natural Gas Options (Futures Style Margin) 	UK Natural Gas Options (Futures Style Margin)
Trading Screen Product Name 	UK Natural Gas Futures 	UK Natural Gas Futures 	UK Natural Gas Futures
Contract Symbol 	UKF 	UKF 	UKF
Hedge Instrument 	ICE UK Natural Gas Futures contract. 	ICE UK Natural Gas Futures contract. 	ICE UK Natural Gas Futures contract.
Trading Period 	Up to 36 consecutive months.
Quarterly, seasonal, calendar, and any period of consecutive monthly contracts can be registered as a strip. For example, a Q1 option is an option on Jan, an option on Feb, and an option on Mar, with each option expiring five calendar days before the start of the relevant contract month. 	Up to 36 consecutive months.
Quarterly, seasonal, calendar, and any period of consecutive monthly contracts can be registered as a strip. For example, a Q1 option is an option on Jan, an option on Feb, and an option on Mar, with each option expiring five calendar days before the start of the relevant contract month. 	Up to 36 consecutive months.
Quarterly, seasonal, calendar, and any period of consecutive monthly contracts can be registered as a strip. For example, a Q1 option is an option on Jan, an option on Feb, and an option on Mar, with each option expiring five calendar days before the start of the relevant contract month.
Expiration Date 	Trading will cease when the intraday reference price is set, 12:50 - 13:00 LLT, of the underlying futures contract five calendar days before the start of the contract month. If that day is a non-business day, expiry will occur on the nearest prior business day, except where that day is also the expiry date of the underlying futures contract, in which case expiry will be occur on the preceding business day.	Trading will cease when the intraday reference price is set, 12:50 - 13:00 LLT, of the underlying futures contract five calendar days before the start of the contract month. If that day is a non-business day, expiry will occur on the nearest prior business day, except where that day is also the expiry date of the underlying futures contract, in which case expiry will be occur on the preceding business day.	Trading will cease when the intraday reference price is set, 12:50 - 13:00 LLT, of the underlying futures contract five calendar days before the start of the contract month. If that day is a non-business day, expiry will occur on the nearest prior business day, except where that day is also the expiry date of the underlying futures contract, in which case expiry will be occur on the preceding business day.
Contract Security 	ICE Clear Europe acts as central counterparty to all trades thereby guaranteeing the financial performance of ICE Futures Europe contracts registered in the name of its Members up to and including delivery, exercise and/or settlement. 	ICE Clear Europe acts as central counterparty to all trades thereby guaranteeing the financial performance of ICE Futures Europe contracts registered in the name of its Members up to and including delivery, exercise and/or settlement. 	ICE Clear Europe acts as central counterparty to all trades thereby guaranteeing the financial performance of ICE Futures Europe contracts registered in the name of its Members up to and including delivery, exercise and/or settlement.
Trading Hours 	07:00 - 17:00, Local London Time (LLT), Monday - Friday. 	07:00 - 17:00, Local London Time (LLT), Monday - Friday. 	07:00 - 17:00, Local London Time (LLT), Monday - Friday.
Trading Model 	Continuous trading throughout trading hours 	Continuous trading throughout trading hours 	Continuous trading throughout trading hours
Trading Methods 	Electronic futures, Exchange for Physical (EFP), Exchange for Swap (EFS) and Block Trades are available for this contract. 	Electronic futures, Exchange for Physical (EFP), Exchange for Swap (EFS) and Block Trades are available for this contract. 	Electronic futures, Exchange for Physical (EFP), Exchange for Swap (EFS) and Block Trades are available for this contract.
Unit of Trading 	1,000 therms of natural gas per day (1 therm = 29.3071 kilowatt hours) 	1,000 therms of natural gas per day (1 therm = 29.3071 kilowatt hours) 	1,000 therms of natural gas per day (1 therm = 29.3071 kilowatt hours)
Minimum Trading Size 	5 lots = 5,000 therms per day 	5 lots = 5,000 therms per day 	5 lots = 5,000 therms per day
Minimum Block Order 	25 lots = 25,000 therms per day 	25 lots = 25,000 therms per day 	25 lots = 25,000 therms per day
Quotation 	The contract price is in Sterling and pence per therm 	The contract price is in Sterling and pence per therm 	The contract price is in Sterling and pence per therm
Strike Price Increments 	Strike range of 5.00-120.00 pence/therm.
Multiples of 0.01 pence per therm. 	Strike range of 5.00-120.00 pence/therm.
Multiples of 0.01 pence per therm. 	Strike range of 5.00-120.00 pence/therm.
Multiples of 0.01 pence per therm.
Minimum Price Fluctuation 	Futures Screen - 0.01 pence/therm
EFPs/EFSs/Blocks - 0.001 pence/therm 	Futures Screen - 0.01 pence/therm
EFPs/EFSs/Blocks - 0.001 pence/therm 	Futures Screen - 0.01 pence/therm
EFPs/EFSs/Blocks - 0.001 pence/therm
Maximum Price Fluctuation 	There are no limits. 	There are no limits. 	There are no limits.
Position Limit 	Positions are reported to the Exchange on a daily basis. The Exchange has powers to prevent the development of excessive positions or unwarranted speculation or any other undesirable situation and may take steps to resolve such situations including the ability to mandate members to limit the size of such positions or to reduce positions where appropriate. 	Positions are reported to the Exchange on a daily basis. The Exchange has powers to prevent the development of excessive positions or unwarranted speculation or any other undesirable situation and may take steps to resolve such situations including the ability to mandate members to limit the size of such positions or to reduce positions where appropriate. 	Positions are reported to the Exchange on a daily basis. The Exchange has powers to prevent the development of excessive positions or unwarranted speculation or any other undesirable situation and may take steps to resolve such situations including the ability to mandate members to limit the size of such positions or to reduce positions where appropriate.
Option Premium 	Futures Style 	Futures Style 	Futures Style
Exercise 	Expires into the ICE UK Natural Gas Futures contract with European-style exercise. If the option is not abandoned, automatic exercise will occur for options which are one or more ticks in the money. At-The-Money and Out-of-The-Money options will expire worthless. Members will have up to one hour after after cessation of trading on the option expiry day to manually abandon or exercise an option. 	Expires into the ICE UK Natural Gas Futures contract with European-style exercise. If the option is not abandoned, automatic exercise will occur for options which are one or more ticks in the money. At-The-Money and Out-of-The-Money options will expire worthless. Members will have up to one hour after after cessation of trading on the option expiry day to manually abandon or exercise an option. 	Expires into the ICE UK Natural Gas Futures contract with European-style exercise. If the option is not abandoned, automatic exercise will occur for options which are one or more ticks in the money. At-The-Money and Out-of-The-Money options will expire worthless. Members will have up to one hour after after cessation of trading on the option expiry day to manually abandon or exercise an option.
MIC Code 	IFEU 	IFEU 	IFEU
Clearing Venues 	ICEU 	ICEU 	ICEU
Trading Hours 	CITY 	TRADING 	PRE-OPEN
Trading Hours 	NEW YORK 	2:00 AM - 12:00 PM
02:00 - 12:00 	1:45 AM
01:45
Trading Hours 	LONDON 	7:00 AM - 5:00 PM
07:00 - 17:00 	6:45 AM
06:45
Trading Hours 	SINGAPORE 	2:00 PM - 12:00 AM
14:00 - 00:00 	1:45 PM
13:45
Trading Hours 	*Next Day
Sunday Pre-Open 5:40 PM ET; Closed on Saturday 	*Next Day
Sunday Pre-Open 5:40 PM ET; Closed on Saturday 	*Next Day
Sunday Pre-Open 5:40 PM ET; Closed on Saturday
Codes 	Clearing Admin Name 	IPE Nat Gas 	IPE Nat Gas
Codes 	Physical 	UKF 	UKF
Codes 	Logical 	UKF 	UKF
Codes 	GMI (FC) 	M: 	M:
Codes 	ION A.C.N. 	None 	None
== Notes ==
Contracts are traded through the ICE Platform, by the Exchange of Futures for Physicals (EFPs), the Exchange of Futures for Swaps or Block Trades.
== References ==
UK Natural Gas Contract Specs
== Resources ==
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