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Two program: Introduction to the Natural Gas Industry, Natural Gas Physical and Financial Markets: Introduction to the Natural Gas Industry, Infrastructure and RegulationsJanuary 24, 2022 | OnlineThis course will present an overview of the natural gas industry and related natural gas liquids (NGLs) and shale oil infrastructure so attendees can gain a comprehensive understanding of the gas industry and markets. We will discuss natural gas terminology, measurements, and conversions and review the basics of natural gas production, gathering, operations, and markets. This program will provide an in-depth understanding of natural gas processing plants, pipelines, storage, LNG peak shaving plants, LNG Import and Export terminals, and local distribution companies (LDCs). It will also address important components of natural gas transportation, including regional costs of firm and interruptible pipeline transportation, nominations, balancing, and section 4 and 5 ratemaking proceedings on natural gas pipeline transportation. The intent is that participants will be able to apply the information learned the first day they return to their jobs. Hands-on activities will be included throughout the day. Learning Outcomes
AgendaMONDAY, JANUARY 24, 2022 9:00 a.m. – 5:00 p.m. Central Time Fundamentals
Natural Gas Industry History & Overview
Supply, Demand, and Prices
The Natural Gas Value Chain Overview
Upstream Activities
Midstream Activities
Underground Natural Gas Storage
Other Gas Storage Options
Natural Gas Pipelines
FERC Gas and Electric Coordination
Re-plumbing the Pipelines—Challenges
Local Distribution Companies (LDCs)—Gas Utilities
Pipeline Transportation
FERC Rate Making on Pipeline Transportation
LDCs and Asset Managers
Natural Gas Industry Challenges
____________________________________ Natural Gas Physical and Financial MarketsJanuary 25, 2022 | OnlineThis course will present an overview of physical and financial natural gas markets. Attendees will review natural gas market basics, including terminology, concepts, and the mechanics of physical natural gas trading and go in-depth on the role of NYMEX Natural Gas Futures Contract in determining the value of physical natural gas. The agenda will also cover gas indices, fixed price, and physical basis deals, and we will address major trends on how sellers and purchasers price physical natural gas. Attendees will gain an understanding of where to find price information, what affects prices, and the role of the natural gas index publishers. They will leave the course with the ability to assess the importance of liquidity in physical natural gas markets and review considerations used to determine whether or not to hedge. The course will discuss the role of FERC, the Commodity Futures Trading Commission (CFTC), states, and other participants in regulating natural gas markets. The course will conclude with a discussion regarding where natural gas markets are headed. The intent is for participants to be able to apply the information learned the first day they return to their jobs. Hands-on activities will be included throughout the day. Learning Outcomes
AgendaTUESDAY, JANUARY 25, 2021 9:00 a.m. – 5:00 p.m. Central Time IntroductionGeopolitics and Social Media Where are natural gas prices headed? Crude oil, NGL, and gas production effects Gas processing and pipeline constraints U.S. exports to Mexico and global markets by LNG companies Other Drivers of Natural Gas PricesWeather Storage Infrastructure constraints Physical & Financial Natural Gas MarketsRegional gas markets NYMEX Natural Gas Futures Contract at the Henry Hub Global natural gas benchmarks Kinds of TransactionsForwards NYMEX and ICE look-alike futures
Clearing Liquidity Comparing forwards and futures Physical Natural Gas Pricing and IndexesFixed price deals Daily index prices Monthly index prices Price reporting agencies (Platts, NGI, Argus, ICE) How indexes are calculated Physical Natural Gas: Buying and SellingWhere can physical natural gas be bought and sold How and when indexes are used to price gas What is Bidweek?
Daily gas (next day gas), Intraday (same day gas), and Weekend gas Buying and selling physical gas using index, fixed price, and physical basis Pricing long-term sale and purchase of gas Firm and interruptible pipeline transportation nominations Natural Gas BasisWhat is basis? Using basis when buying and selling gas Natural Gas Market Basics & TermsBulls and Bears Going Long and Shorting the Market What buying and selling futures means Open Interest & CFTC Commitments of Traders Report Hedging with Physicals and FuturesWhat is hedging Hedging and risk management Financial hedges To hedge or not to hedge- and how much? Long Hedgers and Short Hedgers—determining your natural position Hedging for natural gas producers and purchasers with examples Hedging with Natural Gas OptionsDefinition of options and why they are popular Anatomy of an option Buying and selling options Call options vs Put options Hedging with gas options Speculating with options Example of how to hedge with options Using Natural Gas Swaps to Hedging BasisWhy hedge basis? Defining swaps Basis swaps Index swap Swap dealers Key differences between futures and swaps and related costs Natural Gas Markets: Regulatory PerspectivesWho’s watching the natural gas markets for manipulation? FERC, CFTC, States, and ISOs and RTOs What gets FERC’s attention in the natural gas markets? How FERC performs oversight and surveillance of the natural gas markets FERC’s hotline and its role in preventing market manipulation Fines and penalties
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