Exchange operator ICE Futures Europe said on Tuesday that it is amending the UK NBP Natural Gas Futures position limit under the UK Commodity Derivatives Regulatory Framework, according to Circular 26/089.
The circular is addressed to members and customers trading the contract. The exact revised limit was not disclosed in the notice text reviewed by TradeInformer.
The contract is physically delivered at the National Balancing Point virtual trading hub for the UK, operated by National Grid. Delivery is made equally each day throughout the delivery period, with a contract size of 1,000 therms per day.
The amendment comes ahead of the 6 July 2026 start of the FCA’s reformed commodity derivatives framework. Under the new rules, set out in the FCA’s PS25/1 policy statement, trading venues take first-line responsibility for setting and enforcing position limits, and for granting exemptions. That responsibility currently sits with the FCA.
Firms trading the contract may need to update internal limit monitoring, compliance checks and hedging assumptions.
ICE flagged the broader transition in a December 2025 circular, which proposed changes to its Section P regulations covering position reporting, management, accountability and limits.
