In a futures contract where the underlying is a physical object, such as grain or oil, the price of the futures contract is quoted assuming delivery of that physical object to a specific physical location in the world. For instance, natural gas futures in the United States usually have the Henry Hub as a delivery point, and gold may have a delivery point of New York or London. Futures contracts that differ only in the delivery point will typically have slightly different prices, reflecting localized supply and demand and transportation costs.