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Sessions
This course is not scheduled.
Who should attend?

Audience

    • All personnel in the gas or associated industries needing to improve their knowledge and understanding of gas trading and pricing mechanisms.

Level

  • Proficiency
  • This training provides a better understanding of the structure, the methods of operation, the uses and the impacts of gas physical, financial and paper trading.
Learning Objectives
  • Upon completion of the course, participants will be able to:
  • analyze the fundamentals of gas supply and regional demands,
  • review the different gas trading markets and types of transactions,
  • understand the basic structure of long term contracts,
  • comprehend the hedging techniques available for protection against fluctuations in prices.
Course Content

GAS SUPPLY & DEMAND

0.25 day

  • Evolution of gas demand. Projections.
  • Gas reserves and production.
  • Gas producing countries. International supply projects.
  • Regional gas demands.
  • International trade. LNG trading.

LONG TERM CONTRACTS

0.5 day

  • Types of contracts.
  • Features of long term contracts.
  • Contractual quantities, nominations and Take-or-Pay.
  • Gas pricing: indexation principle.
  • Concepts of market value and cost plus.

SPOT & FORWARD MARKETS

0.5 day

  • Spot markets.
  • Forward contracts.
  • North American Hubs.
  • Spot markets in UK and continental Europe.
  • Price References and the role of reporting agencies.

FUTURES MARKETS

0.5 day

  • Features of gas Future contracts.
  • Exchanges and their organization: NYMEX, ICE.
  • Hedging using Future contracts.
  • Basis risk and hedging imperfections.

RISK MANAGEMENT

0.25 day

  • Swaps: principles, basics and characteristics.
  • Options (call, puts): principles, basics and characteristics.
  • OTC derivatives: caps, floors, collars.
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Ways & Means
  • Examples of contracts.
  • Statistical data.