What is Nymex strip pricing?
What is Nymex strip pricing?
NYMEX Strip Price means the average closing price of contracts for future delivery for the next occurring 24 months as of the close of trading on the New York Mercantile Exchange (“NYMEX”) on the date of any calculation.
What time does Nymex WTI settle?
The first six contract months in NYMEX WTI Crude Oil futures (CL), Natural Gas futures (NG), Heating Oil futures (HO), and RBOB Gasoline futures (RB) are settled by CME Group staff based solely upon trading activity on CME Globex between 14:28:00 and 14:30:00 Eastern Time (ET).
What is natural gas strip?
Futures strips are typically used to lock in a specific price for a targeted time frame, which can be quite useful from an operation’s point of view. For example, a futures strip could be bought to lock in a specific price for natural gas futures for a year with 12 monthly contracts connected into a strip.
What is strip price in oil and gas?
Strip Price means, as of any date of determination, the forward month prices as of such date, for the most comparable hydrocarbon commodity applicable to such future production month for a five-year period (or such shorter period if forward month prices are not quoted for a reasonably comparable hydrocarbon commodity …
What does Strip mean in oil and gas?
The “Futures Strip Price” is the price of futures in sequential delivery months, e.g., a 12-month strip price is the average futures price over the next 12 months. Field Price or Realized Price – The price actually received for oil or gas sold from a given lease or field (sometimes referred to as the “wellhead price”).
What time does WTI market open?
Trading Hours
| City | Trading | Pre-Open |
|---|---|---|
| New York | 8:00 PM – 6:00 PM* 20:00 – 18:00 | 7:45 PM 19:45 |
| London | 1:00 AM – 11:00 PM* 01:00 – 23:00 | 12:45 AM 00:45 |
| Singapore | 8:00 AM – 6:00 AM* 08:00 – 06:00 | 7:45 AM 07:45 |
What time does WTI oil market open?
Commodity market opening times
| Market name | Spot (non-expiring contracts) | Futures |
|---|---|---|
| US Crude (WTI) | 4am Sunday to 8:15pm Friday (except from 9pm and 10pm) | 10pm Sunday to 9pm Friday (except from 9pm to 10pm) |
| UK Crude (Brent) | 1am Sunday to 11pm Friday | 24 hours |
| Heating Oil | N/A | 10pm Sunday to 9pm Friday |
| Gas Oil | N/A | 24 hours |
How much is 1000 cubic feet of natural gas?
One thousand cubic feet (Mcf) of natural gas equals 1.037 MMBtu, or 10.37 therms. The heat content of natural gas may vary by location and by type of natural gas consumer, and it may vary over time.
What is the price of natural gas?
Total U.S. production of natural gas increased 9.8% in 2019 from 2018. This increase in supply had a downward effect on prices. The EIA reported the annual average spot price for natural gas at the Louisiana Henry Hub fell 21.5% to $2.63 per British thermal units in 2019 from $3.35 per MMBtu in 2018.
What is a natural gas forward curve?
The forward curve is essentially a function graph that defines the prices at which a contract for future delivery can be concluded today. It is also often referred to as “the forward strip”. When natural gas forward curve is upward-sloping, the market is in “contango”.
What are natural gas futures contract?
Natural gas futures and options are traded at the CME Group . The CME natural gas futures contract calls for the delivery of natural gas representing 10,000 million British thermal units (mmBtu) at the Henry Hub in Louisiana, which is the nexus of 16 intra-state and inter-state pipelines. The contract is priced in terms of U.S. Dollars per mmBtu.
What are natural gas futures?
Natural Gas futures are standardized, exchange-traded contracts in which the contract buyer agrees to take delivery, from the seller, a specific quantity of natural gas (eg.