In this communication we discuss some key features of the natural gas cash and futures markets for natural gas in the USA, We also summarize some important and interesting problems in these markers, For example, the market does not appear to be informationally efficient throughout the USA, This lack of efficiency has been addressed by the establishment of a second futures contract market, There Is also a very active unregulated derivatives market in which options and swaps are bought and sold, Although the market has changed significantly to better respond to changes in market conditions there are still problems in the way that pipeline space is allocated by pipeline companies, who still own the pipe, to those companies that have rights to this space, There are also problems in that prices for gas and transport are not transparent to many buyers and sellers, Moreover, there are also important idiosyncracies and industry practices that impede progress, None the less, the different parts of the industry with different interests and expertise and the regulatory authority continue to work at crafting rules to improve business behaviour and performance.