8/2/2019 Natural Gas Hedging for End Users

1/5

Eiprin Kiv D`bklek acr @eb-Pv`rv

^^

Eiprin Kiv D`bklek acr @eb-Pv`rv

Mieiklek \cpr @txcvpr` c Qcniln` Eiprin Kiv Xrlf`v

8/2/2019 Natural Gas Hedging for End Users

2/5

Eiprin Kiv D`bklek acr @eb-Pv`rv

9

Le `e`rk| le`evlq` lebpvrl`v. qcniln` eiprin kiv xrlf`v fie {r`ig diqcf ce d` occm nle`.

ec c m`elce d` d`ibifd`v lefprr`b o| mieik`m`e ieb vdir`dcnb`rv%

Qcniln` eiprin kiv xrlf`v fie. ieb ca`e bc. diq` i vlkelalfie lmxif ce d` occm nle`% La

d`v` qcniln` fcvv ir`e iflq`n| mieik`b. d`| fie n`ib i fcmxie| c `tf``b opbk`

acr`fivv. cr {crv`. nc{`r cr ece-`tlv`e xrcal mirklev%

Indcpkd d`r` ir` mie| aifcrv di iaa`f eiprin kiv xrlf`v. {`id`r. eiprin kiv vcrik`

leq`ecrl`v. ieb `fcecmlfv fcebllcev. iv {`nn iv d` mirg`v x`rf`xlce ca d`v` aifcrv. ir`

d` xrlmir| aifcrv di brlq` eiprin kiv xrlf`v%

Mcv nirk` eiprin kiv `eb-pv`rv fie mllki` d`lr `txcvpr` c qcniln` ieb xc`elinn| rlvlek

eiprin kiv fcvv. iv {`nn iv bl`v`n ap`n ieb `n`frlfl| fcvv. drcpkd d`bklek% D`bklek innc{v

mirg` xirlflxiev. vpfd iv ikkr`ki` xrcbpf`rv {dlfd fcevpm` nirk` ypiell`v ca eiprin kiv

ieb cd`r `e`rk| fcmmcbll`v. c ncfg le xrlf`v ieb mirklev le ibqief`. {dln` r`bpflek d`

xc`elin lmxif ca qcniln` ieb rlvlek eiprin kiv xrlf`v%

Rd` xrlmir| r`ivce di mie| nirk`. eiprin kiv-fcevpmlek

fcmxiel`v d`bk` d`lr eiprin kiv fcvv lv di d`

anpfpilek xrlf` ca kiv fie xr`v`e nirk` aleieflin rlvgv di

diq` i vlkelalfie lmxif ce d` occm nle`% Iecd`r r`ivce

acr d`bklek i fcmxie|v `txcvpr` c eiprin kiv xrlf` rlvg lv

c lmxrcq` cr mileile d` fcmx`llq`e`vv ca d` alrm% Q`r| a`{ fcmxiel`v ir` ec vpoj`f c

fcmx`llce7 d`| fcmx`` {ld cd`r bcm`vlf fcmxiel`v le d`lr v`fcr iv {`nn iv {ld

fcmxiel`v ncfi`b le cd`r fcperl`v di xrcbpf` vlmlnir kccbv acr vin` le d` kncoin

mirg`xnif`% Iv i r`vpn. o| diqlek d` iolnl| c gec{ ieb#cr mieik` d`lr appr` eiprin kiv

fcvv. mie| fcmxiel`v fie `vionlvd i fcmx`llq` ibqieik` le d`lr mirg`%

Mcv eiprin kiv fcevpm`rv

fie mllki` d`lr `txcvpr`

c qcniln` eiprin kiv xrlf`v

drcpkd d`bklek%

8/2/2019 Natural Gas Hedging for End Users

3/5

Eiprin Kiv D`bklek acr @eb-Pv`rv

?

Vdlarlek rd` _lvg

D`bklek r`bpf`v `txcvpr` c xrlf` rlvg o| vdlalek di rlvg c dcv` {ld cxxcvl` rlvg xrcaln`v

cr c leq`vcrv {dc ir` {lnnlek c iff`x d` rlvg le `tfdiek` acr ie

cxxcrpel| c xrcal% Eiprin kiv d`bklek leqcnq`v `vionlvdlek i xcvllce le i aleieflin

levrpm`e di lv `ypin ieb cxxcvl` c d` fcmxie|v `txcvpr` le d` xd|vlfin eiprin kiv

mirg`7 d` xd|vlfin mirg` lv d` mirg` {d`r` i fcmxie| xrcfpr`v d` ifpin eiprin kiv

di l fcevpm`v le lv bi|-c-bi| cx`rilcev%

D`bklek {crgv o`fipv` d` fivd xrlf`v ieb aleieflin xrlf`v ca eiprin kiv `eb c diq` i vrcek

fcrr`nilce% @q`e dcpkd d` blaa`r`ef` o`{``e d` fivd ieb aleieflin xrlf`v mi| lefr`iv` crb`fr`iv`. d` rlvg ca ie ibq`rv` fdiek` le dlv r`nilcevdlx lv k`e`rinn| mpfd n`vv die d` rlvg

ca ec d`bklek%

L lv `tr`m`n| lmxcrie c r`m`mo`r di d` xprxcv` ca d`bklek eiprin kiv lv c mllki`

d` fcmxie|v `txcvpr` c eiprin kiv xrlf`v. dpv violnlzlek d` fcmxie|v eiprin kiv fcvv%

D`bklek lv ec i m`iev acr i eiprin kiv fcevpmlek fcmxie| c kimon` ce d` xrlf` ca eiprin

kiv% Kimonlek ce eiprin kiv xrlf`v. invc gec{e iv vx`fpnilek. inn cc ca`e xrcbpf`v {crv`

r`vpnv die bclek ecdlek i inn% Nirk` kiv fcevpm`rv vdcpnb pv` d`bklek c r`bpf` d`

xrcoiolnl| di d` fcmxie| {lnn o` e`kilq`n| iaa`f`b o| qcniln` cr rlvlek eiprin kiv xrlf`v%

Ce d` cd`r dieb. vx`fpnicrv ir` ca d` cxxcvl` m`einl|% Vx`fpnicrv o` ce d` blr`flce

ca eiprin kiv xrlf`v le dcx`v di d`| {lnn o` ion` c op| nc{ ieb v`nn dlkd%

Diqlek vilb di. l lv `ypinn| lmxcrie c ifgec{n`bk` d` aif di la i fcmxie| lv ec

d`bklek lv eiprin kiv fcvv. l lv `aa`flq`n| vi|lek ce` ca {c dlekv:

9% Rd` fcmxie| div d` iolnl| c xivv ce ie| ieb inn lefr`iv`v le eiprin kiv xrlf`v c lvfpvcm`rv. {ldcp i e`kilq` lmxif ce lv xrcal mirklev7 cr

?% L lv fcealb`e di eiprin kiv xrlf`v ir` kclek c b`fnle`. ieb l lv fcmacrion` xi|lek idlkd`r xrlf` acr eiprin kiv. la le aif lv iein|vlv xrcq`v c o` lefcrr`f%

8/2/2019 Natural Gas Hedging for End Users

4/5

Eiprin Kiv D`bklek acr @eb-Pv`rv

6

Rd` xrlmir| levrpm`ev pv`b c d`bk` eiprin kiv ir` v{ixv. appr`v. ieb cxlcev% Eiprin

kiv appr`v fcerifv ir` alrm fcmmlm`ev c mig` cr iff`x b`nlq`r| ca i vx`flal`b ypiel|

ieb ypinl| ca i eiprin kiv bprlek i vx`flalf mced le d` appr` i i xrlf` ikr``b pxce i d`

lm` d` fcmmlm`e lv mib`% Le d` Pel`b Vi`v. eiprin kiv appr`v ir` rib`b ce d` E`{

\crg M`rfieln` @tfdiek` $E\M@T,%

Eiprin kiv v{ixv ir` fcerifv le {dlfd {c xirl`v ikr`` c `tfdiek` x`rlcblf xi|m`ev acr

eiprin kiv% Le d` mcv fcmmce |x` ca eiprin kiv v{ix. ce` xir| ikr``v c xi| i alt`b

xrlf` acr eiprin kiv ce vx`flalf bi`v c i fcpe`rxir| {dc. le pre. ikr``v c xi| i ancilek

xrlf` acr eiprin kiv di r`a`r`ef`v i xponlvd`b xrlf`. vpfd iv d` E\M@T eiprin kiv appr`v%

I eiprin kiv cxlce fcerif lv i fcerif di klq`v d` dcnb`r d` rlkd. op ec d` conlkilce.

c op| cr v`nn i vx`flal`b imcpe ca eiprin kiv $cr i eiprin kiv v{ix cr appr`v fcerif, i i

vx`flal`b xrlf` {ldle i vx`flal`b lm` le `tfdiek` acr xi|lek ie pxarce xr`mlpm% Or`iglek

bc{e d` cxlcev `q`e aprd`r. d`r` ir` finn cxlcev ieb xp cxlcev% I eiprin kiv finn cxlce

lv i fcerif di klq`v d` dcnb`r d` rlkd. op ec d` conlkilce. c op| eiprin kiv i i v`

xrlf` $d` vrlg` xrlf`, ce i klq`e bi`% I eiprin kiv xp cxlce lv i fcerif di klq`v d`

dcnb`r d` rlkd. op ec d` conlkilce. c v`nn eiprin kiv i i v` xrlf` $d` vrlg` xrlf`, ce i

klq`e bi`%

D`bklek le Ifrlce

Rd` acnnc{lek xrcqlb`v i vlmxn` `timxn` ca dc{ ie ikkr`ki` fcmxie| fie pv` i eiprin kiv

finn cxlce c iqclb ie lefr`iv` le eiprin kiv fcvv {dln` innc{lek |cp c coile nc{`r xrlf`b

eiprin kiv vdcpnb xrlf`v b`fnle`% Ivvpm` di ce Jpe` 9. |cp ielflxi` di |cpr eiprin kiv

b`mieb acr Jiepir| {lnn o` 98.888 MMORP $mlnnlce Orllvd d`rmin pelv, ieb |cp {ie c

`evpr` di |cpr fcv {lnn ec rlv` iocq` d` fprr`e mirg` xrlf` acr eiprin kiv c o` b`nlq`r`b

bprlek d` mced ca Jiepir|% Iv vpfd. |cp b`flb` c op| i finn cxlce ce "2%08 Jiepir| eiprin

kiv acr "8%08% Rd` fprr`e xrlf` acr vxc $fivd, eiprin kiv mi| o` nc{`r cr dlkd`r die "2%08.

op di lv lmmi`rlin o`fipv` |cp ir`e fceriflek acr vxc kiv. |cp ir` op|lek ie cxlce ce

i fcerif acr Jiepir| eiprin kiv% Ce B`f% ?2 $d` niv bi| ca riblek o`acr` d` cxlce

8/2/2019 Natural Gas Hedging for End Users

5/5

Eiprin Kiv D`bklek acr @eb-Pv`rv

M`rfipv @e`rk| Ibqlvcrv lv d` n`iblek. leb`x`eb`e. `e`rk| rlvg mieik`m`e ibqlvcr| alrm% [` xrcqlb` cprfnl`ev {ld leecqilq` vcnplcev le d` aleieflin ieb xd|vlfin `e`rk| fcmmcbl| mirg`v drcpkd i fcmxr`d`evlq`vpl` ca ypielilq` ieb ypinlilq` v`rqlf`v%

Acr mcr` leacrmilce. xn`iv` finn pv i '9%;96%