The MCX natural gas lot size is 1,250 mmBtu, and the Natural Gas Mini lot size is 250 mmBtu. mmBtu stands for million British thermal units, the standard unit used to price natural gas.
Quick answer: natural gas lot size
One lot of Natural Gas (NATURALGAS) is 1,250 mmBtu.
One lot of Natural Gas Mini (NATGASMINI) is 250 mmBtu, so 5 mini lots equal one standard lot.
Both are quoted in rupees per mmBtu, with a tick size (smallest price step) of ₹0.10.
One tick is worth ₹125 per standard lot and ₹25 per mini lot.
A ₹1 move changes one lot by ₹1,250 for Natural Gas and ₹250 for Natural Gas Mini.
Natural gas options use the same lot sizes, and the futures are settled in cash.
Trade natural gas with tested rules, not hunches. Sign up free on AlgoTest to replay past sessions, check margins and backtest MCX strategies.
MCX Natural Gas Lot Size and Contract Specifications
The ₹280 price is an example, not a live quote. Source: MCX natural gas futures specification. For every other commodity, see our full MCX lot size table.
NSE also lists natural gas futures with the same 1,250 mmBtu lot. Your broker shows the lot size for whichever exchange you trade on.
What Is mmBtu, and How Does It Compare With Mcf?
mmBtu means one million British thermal units, a measure of the energy in natural gas. Natural gas is priced per mmBtu on MCX and on the US NYMEX exchange.
In the US, gas volume is often measured in Mcf, or one thousand cubic feet. One Mcf of natural gas holds roughly 1.04 mmBtu of energy, so the two units are close but not the same.
How to Calculate the Value of 1 Lot of Natural Gas
Multiply the price per mmBtu by the number of mmBtu in one lot.
At ₹280 per mmBtu, one Natural Gas lot is worth ₹280 × 1,250 = ₹3,50,000.
One Natural Gas Mini lot at the same price is worth ₹280 × 250 = ₹70,000.
Here is how one lot’s futures P&L changes, before charges:
How Much Margin Do You Need for One Natural Gas Lot?
You do not pay the full contract value. For futures, you deposit margin, which is a share of that value.
In early November 2026, Zerodha’s margin calculator showed about ₹54,329, or 15.69%, for one November Natural Gas lot at a price near ₹277. A Natural Gas Mini lot needs roughly one-fifth of that.
Margin changes with price and volatility, so check the current estimate in the AlgoTest margin calculator and confirm it with your broker. Our MCX margin guide explains how it is set.
Try it free: see how one natural gas lot moves
Open the AlgoTest Option Simulator and select NATURALGAS from the instrument list.
Pick a past trading day to replay, such as a Thursday evening when US gas storage data came out.
Buy or sell one lot of a natural gas option and watch how your P&L changes as the price moves.
The Simulator shows option P&L for MCX Natural Gas. For Natural Gas Mini, use the futures P&L per ₹1 move in the table above.
Natural Gas vs Natural Gas Mini: Which Lot Size Fits You?
Natural Gas Mini is one-fifth the size of the standard contract, so you can size positions in smaller steps.
The standard contract changes your P&L by ₹1,250 for every ₹1 move, which suits larger accounts.
Natural gas usually needs a higher margin rate than gold or copper, which shows how sharply its price can move. That makes the mini contract a common starting point.
Natural gas is one of the five most traded commodity futures on MCX. Our guide to the best commodities to trade in India compares it with the others.
Before you pick a size, work out how much one lot could lose on a bad day. Our guide to trading risk management rules shows how to set that limit.
Natural Gas Options Lot Size
Natural gas options on MCX are options on natural gas futures, with the same lot sizes. MCX launched Natural Gas options in January 2022 and Natural Gas Mini options in April 2024.
Option premiums are quoted per mmBtu. If a Natural Gas call trades at ₹12, one lot costs ₹12 × 1,250 = ₹15,000, and a Natural Gas Mini call at the same premium costs ₹3,000.
Natural gas options expire two business days before their futures. In October 2026, the options expired on October 23 and the futures on October 27.
In-the-money options held to expiry turn into natural gas futures positions, which are settled in cash.
To read strikes, open interest and implied volatility, see our guide to the MCX option chain.
Trading natural gas options? Check a position’s payoff, breakeven and maximum loss (where defined) in the AlgoTest Strategy Builder before you place it.
Read MCX options trading to learn about expiry and devolvement in detail.
Natural Gas Expiry, Settlement and Trading Hours
MCX natural gas futures are listed every month. The remaining 2026 expiries are November 24 and December 28. Natural Gas Mini follows a similar monthly cycle, so check its exact date in your broker’s app.
The futures are cash-settled, so no gas is delivered. Positions open at expiry are settled at a price linked to the US NYMEX natural gas futures price, converted to rupees.
From November 2, 2026, to March 12, 2027, natural gas trades from 9:00 AM to 11:55 PM. For the rest of the year it closes at 11:30 PM. See MCX trading time for the full schedule.
The US weekly natural gas storage report comes out on Thursdays at 10:30 AM US Eastern time. That is 9:00 PM IST in winter and 8:00 PM IST from March to early November, and it can move in US holiday weeks.
Backtest Natural Gas Strategies on AlgoTest
Natural gas can move sharply in a single evening, so test a strategy at its real lot size before you trade it. Backtest your natural gas futures and options strategies on historical MCX data.
Each report shows total and year-wise P&L, cumulative P&L against the underlying, win rate, risk-reward ratio, maximum drawdown, winning and losing streaks, Monte Carlo analysis, DTE and weekend filter performance, and downloadable trade logs.
A backtest shows how a strategy performed in the past, though it cannot predict future results. Our guides on why backtesting helps Indian retail traders and how to backtest trading strategies explain how to read the results. When your rules are ready, you can run MCX natural gas strategies live through Zerodha on AlgoTest.
See these metrics for your own natural gas strategy. Sign up to get 100 Backtests free/month
Turn One Natural Gas Lot Into a Tested Plan
Pick the contract that matches your risk: Natural Gas for bigger exposure, Natural Gas Mini for smaller steps. Then define your entry, exit and position size, and check how the plan holds up through calm weeks and big storage-report evenings before you trade it live.
AlgoTest helps you move from an idea to a strategy you can inspect and test before deciding whether to deploy.
Join us as we simplify retail trading in India.
Related Reading
FAQs
What is the natural gas lot size in MCX?
The MCX natural gas lot size is 1,250 mmBtu. It is quoted per mmBtu, so a ₹1 move changes one lot by ₹1,250.
What is the Natural Gas Mini lot size?
The Natural Gas Mini (NATGASMINI) lot size is 250 mmBtu, one-fifth of the standard contract. A ₹1 move changes one mini lot by ₹250.
How much is 1 lot of natural gas worth?
Multiply the price per mmBtu by 1,250. At ₹280 per mmBtu, one Natural Gas lot is worth ₹3,50,000 and one Natural Gas Mini lot is worth ₹70,000.
What is the tick value of MCX natural gas?
The tick size is ₹0.10 per mmBtu. One tick is worth ₹125 on a standard lot and ₹25 on a mini lot.
How much margin is required for 1 lot of natural gas?
It changes with price and volatility. In early November 2026, one Natural Gas lot needed about ₹54,329 (15.69%) at a price near ₹277, and a mini lot roughly one-fifth of that. Check the current figure in the AlgoTest margin calculator and confirm it with your broker.
Is the natural gas lot size the same in Zerodha and other brokers?
Yes. MCX sets the lot size, so it is 1,250 mmBtu for Natural Gas and 250 mmBtu for Natural Gas Mini at every broker. Margin and charges can differ by broker.
What is the natural gas lot size on NSE?
NSE’s natural gas futures also use a 1,250 mmBtu lot. MCX and NSE contracts are separate, so a position on one cannot offset a position on the other.
What does mmBtu mean?
mmBtu means one million British thermal units, the energy unit used to price natural gas. One Mcf, or one thousand cubic feet, of natural gas holds roughly 1.04 mmBtu.
When does MCX natural gas expire?
MCX natural gas futures expire monthly, near the end of the month. The remaining 2026 expiries are November 24 and December 28. Natural gas options expire two business days before their futures.
Is MCX natural gas physically delivered?
No. MCX natural gas futures are cash-settled at a price linked to NYMEX natural gas futures, converted to rupees.