NITROGEN-OXIDE EMISSION LIMITS. Denying an appeal by electric utilities and industry groups against rules proposed by the U.S. Environmental Protection Agency for emission limits...
we use the daily cash price at the Henry Hub for a delivery this month, the futures price for delivery in the next month, and the settlement price at the close of trading on each trading day. Both the cash price and the futures price quotes are for the same day. Unlike many other commodities, the cash contract market and the futures contract market are not simultaneously trading during a delivery month. The futures contract for a delivery month terminates trading on the very day the cash market for the same delivery month beings. The cash market is open near the end of the month preceding the delivery month and throughout the delivery month, whereas the futures contract never trades in the delivery month. Both the cash price and the futures contract are for the same trading day, except that delivery takes place in month t or t + 1 for the cash market and in month t+1 exclusively for the futures market.
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