1. 1. Review of Natural Gas 101
a. What is Natural Gas – physical properties of natural gas
b. Measurement of Natural Gas – volume vs. heating content
c. Industry Participants – from producers to brokers
d. Fixed vs Index
e. Natural Gas Pricing – what influences natural gas pricing
f. Electronic Trading
g. NYMEX – past and future
2. 2. Trading
a. Trading Language – how to understand what people are saying
b. Physical and Financial Products traded in the Natural Gas market
c. Natural Gas Options
d. In class exercise to teach the value of expected outcomes
e. In class exercise buying / selling commodities
3. 3. Hedging
a. Hedging vs. Speculation
b. Hedging Example – Producer
c. Hedging Example – End User
d. Hedging Example – Storage
e. Hedging Example – Transportation
4. 4. The Paper Side
a. Credit
b. FAS 133 – Hedge Accounting
5. 5. Regulatory – From the Natural Gas Policy Act to Today
a. Natural Gas Act
b. Phillips Decision
c. NGPA 1978
d. Order 436 / 500
e. Order 636
f. Order 637
g. Dodd – Frank
6. 6. “What are we going to do with all this gas?”
a. Fundamental changes in our energy infrastructure
b. Expansion of petrochemical capacity
c. LNG Exports
d. CNG Opportunities and Challenges
e. Repowering of America – Coal retirements and gas additions
7. 7. The Future
a. Production – future of non-conventional gas
b. Consumption
c. Final Thoughts
