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Natural Gas Physical and Financial Markets

July 21 - 22, 2026 Online :: Central Time

“Excellent basic to intermediate level course to introduce the participants to the financial side of Natural Gas Markets! Tom was able to bring it down to an entry level understanding but take it up to an intermediate level when the questions moved that direction. Great knowledge of the market!”

Director of Engineering, The Energy Cooperative

“Extremely beneficial course with relevant and useful information all rolled up into one convenient day of training.”

Production and Gas Marketing, Anadarko Minerals, Inc.

“A very good introduction to natural gas markets, providing high-level explanations and relevant details.”

Research Analyst, Aurora Energy Research
Read more testimonials

“This course filled in the blanks for some of the things I do for my job. I don't have a background in financial markets, so it's learn on the job. The course was very insightful and thorough, and I look forward to taking more EUCI courses.”

Manager of Financial Planning & Analysis, Gas South

“This is a great course for someone new to the industry.”

Central Hudson Gas & Electric

This newly expanded in-depth day and a half course will present a day of physical and financial natural gas markets and another half a day on hedging with the goal of empowering attendees to immediately apply the information learned in this course to their jobs. 

Through a mixture of lecture and hands-on activities attendees will gain insight into:

  • Natural gas market basics, including terminology, concepts, and the mechanics of physical natural gas trading
  • The role of NYMEX Natural Gas Futures Contract in determining the value of physical natural gas
  • Monthly and Daily Natural Gas price indices
  • Fixed price
  • Physical basis deals
  • Kinds of natural gas contracts
  • Major trends on how sellers and purchasers price physical natural gas
  • Where to find price information, what affects prices, and the role of the natural gas index publishers
  • The role of FERC, the Commodity Futures Trading Commission (CFTC), states, and other participants in regulating natural gas markets
  • The importance of liquidity in physical natural gas markets and review considerations used to determine whether or not to hedge

Learning Outcomes

  • Discuss an overview of physical and financial natural gas markets, their key differences, common terminology, and where they can be bought and sold
  • Explain the role of NYMEX Natural Gas Future Contract and ICE Look-Alike Futures in determining the value of physical natural gas
  • Discuss gas indices, fixed price, and physical basis deals
  • Discuss the use of index, basis and swing contracts
  • Identify major trends on how sellers and purchasers price physical natural gas
  • Bidweek, Daily and Long Term Markets
  • Assess the major players and importance of liquidity in physical natural gas markets
  • Describe the role of FERC, the Commodity Futures Trading Commission (CFTC), states, and other participants in regulating natural gas markets
  • Discuss where natural gas markets are headed
  • Review considerations used to determine whether or not to hedge

Continue to Agenda

Register

Please Note: This event is being conducted entirely online. All attendees will connect and attend from their computer, one connection per purchase. For details please see our FAQ

If you are unable to attend at the scheduled date and time, we make recordings available to all attendees for 7 days after the event

REGISTER NOW FOR THIS EVENT:

Individual attendee(s)$ 1295.00 each(early bird rate)
(price after July 10, 2026 is $ 1,495.00)
Volume pricing also available

Individual attendee tickets can be mixed with ticket packs for complete flexibility

Pack of 5 attendees$ 5,500.00 (15% discount)(early bird rate)
(price after July 10, 2026 is $ 6,350.00)
Pack of 10 attendees$ 10,360.00 (20% discount)(early bird rate)
(price after July 10, 2026 is $ 11,960.00)
Pack of 20 attendees$ 19,425.00 (25% discount)(early bird rate)
(price after July 10, 2026 is $ 22,425.00)

Your registration may be transferred to a member of your organization up to 24 hours in advance of the event. Cancellations must be received on or before June 19, 2026 in order to be refunded and will be subject to a US $195.00 processing fee per registrant. No refunds will be made after this date. Cancellations received after this date will create a credit of the tuition (less processing fee) good toward any other EUCI event. This credit will be good for six months from the cancellation date. In the event of non-attendance, all registration fees will be forfeited. In case of conference cancellation, EUCIs liability is limited to refund of the event registration fee only. For more information regarding administrative policies, such as complaints and refunds, please contact our offices at 303-770-8800

Day one

Tuesday, July 21, 2026

Day two

Wednesday, July 22, 2026

Agenda

Tuesday, July 21, 2026
Central Time

Online

Log In and Welcome

8:45

Lunch Break

12:30 - 1:15 PM

Adjourn for the day

5:00 PM

8:45 - 9:00 AM

Log In and Welcome

12:30 - 1:15 PM

Lunch Break

9:00 AM - 5:00 PM

Course Timing

Introduction

  • Drivers of Wholesale Natural Gas Prices
  • Where are natural gas prices headed?
  • Crude oil, NGL, and gas production effects on prices
  • Gas processing and pipeline constraints
  • U.S. exports to Mexico and global markets by LNG companies

Other Drivers of Natural Gas Prices

  • Weather
  • Storage
  • Infrastructure constraints

Physical & Financial Natural Gas Markets

  • Regional Gas Markets
  • NYMEX Natural Gas Futures Contract at the Henry Hub
  • Global Natural Gas Benchmarks

Kinds of Transactions

  • Forwards
  • NYMEX and ICE look-alike futures
    • Contract specifications
    • Key differences
  • Clearing
  • Liquidity
  • Comparing forwards and futures

Physical Natural Gas Pricing & Indexes

  • Fixed price deals
  • Daily Index prices
  • Monthly Index prices
  • Price Reporting Agencies (Platts, NGI, Argus, ICE)
  • How indexes are calculated

Physical Natural Gas: Buying & Selling

  • Where can physical natural gas be bought and sold
  • How and when indexes are used to price gas
  • What is Bidweek?
    • What happens during Bidweek
    • Settlement of prompt month NYMEX Gas Futures contract
  • 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 Basis

  • What is basis and what causes it
  • Using basis when buying and selling gas

Forward Curves and Forward Basis Curves

  • How they’re constructed and used

Natural Gas Market Basics & Terms

  • Bulls and Bears
  • Going Long and Shorting the Market
  • What buying and selling futures means
  • Open Interest & CFTC Commitments of Traders Report
  • Fines and penalties

Hedging with Physicals & Futures

  • What 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

Agenda

Wednesday, July 22, 2026
Central Time

Online

Log In

8:45 AM

Adjourn for the day

12:00 PM

8:45 AM - 9:00 AM

Log In

9:00 AM - 12:00 PM

Course Timing

Using Natural Gas Swaps to Hedge Price Volatility

  • Why hedge basis?
  • Defining swaps and why gas utilities and power generator favor them
  • Basis swaps
  • Index swaps
  • Key differences between futures and swaps and related costs

Hedging with Natural Gas Options

  • Definition 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

Kinds of Natural Gas Contracts and how to use them

  • Index
  • Basis
  • Swing
  • Using Index & Swing Contracts
  • Using Basis, Index & Swing Contracts

Natural Gas Markets: Regulatory Perspectives

  • Who’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

Instructor

Tom Russo

President

Russo on Energy, LLC

Tom Russo is an Energy and Environmental expert with unique FERC regulatory skills in oil, natural gas and liquefied natural gas infrastructure, NEPA environmental impact assessment and in how energy markets, prices and physical/cybersecurity affect infrastructure investments

Prior to founding Russo on Energy LLC in May 2015, Mr. Russo worked for over 30 years as a Manager and Sr. Energy Industry Analyst at the Federal Energy Regulatory Commission (FERC). During that time, he amassed experience in the natural gas and crude oil markets and its regulation by the FERC. Mr. Russo thoroughly understands the Natural Gas Act, Natural Gas Policy Act, and Interstate Commerce Act which are applicable to natural gas and oil pipeline transportation.  

Mr. Russo is also an adjunct professor at the George Washington University’s Elliott School of International Affairs. He teaches Global Energy Trading, Pricing & Risk Management and Global Energy Security to undergraduate and graduate students. He actively conducts independent research on oil, natural gas, and power matters and writes an Energy and Environmental column for the Climate & Energy Journal.

Continuing Education Credits

Credits

IACET

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EUCI is accredited by the International Accreditors for Continuing Education and Training (IACET) and offers IACET CEUs for its learning events that comply with the ANSI/IACET Continuing Education and Training Standard. IACET is recognized internationally as a standard development organization and accrediting body that promotes quality of continuing education and training.

EUCI is authorized by IACET to offer 0.7 CEUs for this event

Verify our IACET accreditation

 

Who recognizes IACET Credits?

 

Requirements for Successful Completion of Program

Participants must log in and be in attendance for the entirety of the course to be eligible for continuing education credit.

 

Instructional Methods

PowerPoint presentations, group discussions, and active participation.

CPEs

Upon successful completion of this event, program participants interested in receiving CPE credits will receive a certificate of completion.

Course CPE Credits: 8.0
There is no prerequisite for this Course.
Program field of study: Specialized Knowledge
Program Level: Basic
Delivery Method: Group Internet Based
Advanced Preparation: None

CpeEUCI is registered with the National Association of State Boards of Accountancy (NASBA) as a sponsor of continuing professional education on the National Registry of CPE Sponsors. State boards of accountancy have final authority on the acceptance of individual courses for CPE credit. Complaints regarding registered sponsors may be submitted to the National Registry of CPE Sponsors through its website: www.nasbaregistry.org

CLE

Only registered attendees can request CLE credits for an EUCI course/event.  Please email [email protected] prior to the course start date and list the state where you are licensed and your bar# as well as the name and date of your course/event in your request, and someone will be in contact.

Who Should Attend

  • New job entrants 
  • Mid-level positions 
  • Anyone who requires analysis of market and trade situations, including those with roles and functions in: 
    • Trading 
    • Market analysis  
    • Infrastructure operators  
    • Government and agencies 
    • Upstream production  
    • Commercial strategy and procurement  
  • Anyone needing a refresher course to the industry