Cumulative Imbalance Cycle

Month 1	Date
Delivery month
Month 2
Complete Month 1 billing	1st - 5th
Create Month 1 cumulative imbalance statement	6th - 14th
Mail cumulative imbalance statement	by the 15th
Trading deadline*	NYMEX close date
Carry forward untraded Month 1 cumulative imbalances within +/-5% tolerance band into Month 3	NYMEX close date to end of month
Calculate cashout value for cumulative imbalances >5%	NYMEX close date to end of month
Month 3
Month 1 cashout, if any, included in Month 3 bill	6th - 14th

Return to Cumulative Imbalances

*California Gas Transmission will extend the trading deadline beyond the NYMEX close date if necessary to ensure a trading period of at least five days.