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Stats › Devises et matières premières › Position limits

European position limits now apply only to agricultural contracts and those above 300,000 lots of open interest

ContractSpot month limitOther months limitBase
Dutch gas benchmark25,050,960 MWh, 15% of deliverable supply153,017,049 MWh, 12.5% of open interestDeliverable supply 167,006,400 MWh, sample 2 January to 29 December 2023
German power base21,000,000 MWh, 10% of deliverable supply52,000,000 MWh, 20% of open interestOpen interest 257,440,898 MWh, sample 1 November 2024 to 31 October 2025
Baseline before adjustment25% of deliverable supply25% of open interestSet by the technical standard
Food for human consumption above 50,000 lots20%20%Lower baseline for that category
Small agricultural contracts10,000 lots flat10,000 lots flatContracts at or below 20,000 lots over three months

Final limits may be set anywhere in a band of 5 to 35 per cent, or 2.5 to 35 per cent for food for human consumption. The two live limits above were checked arithmetically against the published deliverable supply and open interest figures and both reconcile exactly.

The 2021 reform narrowed the regime to agricultural contracts and to critical or significant ones, defined as 300,000 lots of average open interest. The Dutch gas limit is 25,050,960 megawatt hours in the spot month, which is 15 per cent of deliverable supply.

300,000 lotsOpen interest threshold for a non agricultural contract to be in scope
25% of deliverable supplyBaseline limit, spot month
25,050,960 MWh, or 15%Dutch gas spot month limit
21 calendar daysDeadline for a regulator to decide a hedging exemption

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