Hi I work at a natural gas trading company and hear traders throw the term lots around a lot. I’m getting conflicting answers online on correct terminology, with ice lots being 2500 mmbtu/ contract and Nymex lots being 10000 mmbtu/ contract?
If a gas trader says “I bought 200 lots of Feb Nymex”, how much volume is that per day?
How about if a trader says “I bought 200 lots of Transco 85 for Feb”, is the basis contract different from the Nymex contract when people say lots?
Or if someone says I bought 1000 lots of Nov-Mar basis, does that mean across the entire 5 months? What is this volume per day?
Please help I am confused!