What Are Micro Henry Hub Natural Gas Futures? MGH Explained
Learn what MGH Micro Henry Hub futures are: 1,000 MMBtu contracts at one-tenth NG size, their $1.00 outright tick, and NG-linked cash settlement.
Direct answer
Micro Henry Hub Natural Gas futures, commonly identified as MGH, are NYMEX contracts for 1,000 MMBtu, exactly one-tenth the standard 10,000 MMBtu NG contract. On CME Globex, an ordinary outright minimum movement of 0.001 USD per MMBtu equals $1.00 per contract. Standard MGH futures are cash settled to the NG final settlement price with termination one business day before NG expiration.
MGH names a dated tenth-size gas agreement, not a spot MMBtu quote
MGH is the product root for NYMEX Micro Henry Hub Natural Gas futures. A complete agreement also has a contract month and year, so a value displayed beside MGH is not automatically a current spot quote for gas or a perpetual fuel holding. It is a labelled observation of a futures contract at one-tenth NG scale, and the label determines which rules and settlement process apply.
How to read Micro Henry Hub Natural Gas futures quotes shows which fields make an observation usable. Micro Henry Hub Natural Gas futures expiration and final settlement explains why the named month matters when a contract approaches its NG-linked settlement.
The 1,000 MMBtu MGH unit is one-tenth the NG contract by design
Chapter 440 sets one standard MGH contract at 1,000 MMBtu. Because quotation is dollars per MMBtu, a $1.00 move per MMBtu equals $1,000 per contract, versus $10,000 for NG. The unit describes the standardized fraction; it is not a claim about an account balance, margin, or appropriate order size.
What are Henry Hub Natural Gas futures covers the full-size benchmark for direct comparison. Futures position sizing treats that contract unit, the number of contracts, and an account's own limits as three separate inputs.
MGH ticks and NG linkage define the contract arithmetic
For an ordinary MGH outright trade on CME Globex, the minimum fluctuation is 0.001 USD per MMBtu, or $1.00 per contract, matching NG decimals at one-tenth the dollars. The Floating Price for each month equals the NG final settlement price on the MGH last trading day, so micro and benchmark converge by construction rather than by arbitrage hope.
Record the product before calculating: an MGH tick and an NG tick share decimals but not dollars. Price limits follow the prevailing NG limits, keeping the small contract inside the benchmark's volatility regime.
NG-linked cash settlement ends MGH with no delivery alternative
MGH futures settle in cash to the NG final settlement price with trading ceasing one business day before NG expiration for the same month. No gas changes hands. The one-day lead keeps micro settlement referencing a live benchmark print rather than an expired one.
Cash-settled versus physically delivered futures draws the general settlement-design line, and MGH sits on the cash-settled side. How to read Henry Hub Natural Gas futures quotes covers the full-size quoting screen whose print MGH imports.
A workable MGH record separates quotation facts from account facts
Before relying on an MGH number, preserve the root, month-year, dollars-per-MMBtu convention, trade or quote type, price field, source, timestamp, session, and data status. Futures contract month codes helps turn a compact MGH symbol into the agreement whose settlement calendar applies.
Margin is collateral, not a substitute for the 1,000 MMBtu contract unit or a recommendation to open a position. Futures margin versus leverage explains that distinction without inferring an account-specific requirement.
This guide explains standard Micro Henry Hub Natural Gas futures mechanics. It does not provide a live gas price, a fuel forecast, margin requirement, trade recommendation, or broker settlement instruction. Current NYMEX rules, data terms, clearing procedures, and account documents govern a particular contract.
Common questions
What does MGH mean in futures?
MGH is the NYMEX product root for Micro Henry Hub Natural Gas futures. Add a contract month and year to identify the particular standardized agreement.
How many MMBtu does one MGH contract represent?
One standard MGH contract represents 1,000 MMBtu, exactly one-tenth of the 10,000 MMBtu NG contract.
What is the ordinary MGH tick value?
The ordinary CME Globex outright minimum movement is 0.001 U.S. dollar per MMBtu, equal to $1.00 per standard MGH contract.
How does MGH settle?
In cash to the NG final settlement price for the same month, with MGH trading ceasing one business day before NG expiration so the reference print stays live.
Are Micro Henry Hub futures cash settled?
Yes. Standard MGH futures settle in cash to the benchmark NG price. No gas changes hands through delivery procedures.