What this doesn't cover

• Contracts settle to the AAA national daily average gas price — not your local pump price or your actual invoice cost.
• Settlement uses a single day's snapshot, not a monthly average — a short-lived spike or dip on the settlement date can change the outcome.
• Protection is stepped, not continuous — each rung only pays out if the price clears that specific strike, so moves between strikes (or below your first strike) aren't covered.