I saw klatt_attack's post about NGL, so I guess I'm not the first to get frustrated with this one...
Anyway, ICE says UK Nat Gas is denominated in GBP/therm, and the contract size is 1000 therms/day, for however many days are in the delivery month. This we know.
CSI's factsheet says ALMOST the same thing - CSI uses pence/therm.
AND YET, both ICE and CSI will quote the price as ,e.g., 69.80?!!
Should I change the factsheet so it reads as 6980, or am I missing something here? The BPV value of 300 GBP seems to suggest such a change (assuming a 30 day month, of course).
Thanks in advance for any assistance from the NGL traders here.
ICE UK Nat Gas (NGL)
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- Roundtable Knight
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viewtopic.php?p=34694&highlight=natural+gas#34694 (in the Trading Blox Support area of this website)
viewtopic.php?p=20189&highlight=insurance#20189 (in the general area) -- and note the horrifying follow-up post by "nickmar"
viewtopic.php?p=29612&highlight=natural+gas#29612
viewtopic.php?p=20189&highlight=insurance#20189 (in the general area) -- and note the horrifying follow-up post by "nickmar"
viewtopic.php?p=29612&highlight=natural+gas#29612
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- Roundtable Knight
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- Joined: Thu Sep 23, 2004 11:19 am
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As Sluggo masterfully points out, even the exchanges muff it up from time to time.
Lets reconcile directly from an open trade (snapshot sheet from an MFG account):
open trade entry price 68.50
last price 65.30
68.50-65.30 = -3.2 points
-3.2 * 5 contracts = -16 points
-16 x 300GPB = -4,800 GBP
check and check
Lets reconcile directly from an open trade (snapshot sheet from an MFG account):
open trade entry price 68.50
last price 65.30
68.50-65.30 = -3.2 points
-3.2 * 5 contracts = -16 points
-16 x 300GPB = -4,800 GBP
check and check
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- Roundtable Knight
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Additionally, I like to double check my full point values by using a mock portfolio from a service like barchart.com, or others. There may be some errors inherent to a free service, especially when you consider that the exchanges themselves can make mistakes. But it adds an added layer of confirmation, which may be cheaper than making a quick live trade. I say may, because if it is inaccurate it could lead to some costly errors