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1、SR/SMG/2002-01DerivativesandRiskManagementinthePetroleum,NaturalGas,andElectricityIndustriesOctober2002EnergyInformationAdministrationU.S.DepartmentofEnergyWashington,DC20585ThisreportwaspreparedbytheEnergyInformationAdministration,theindependentstatisticalandanalyticalagencywithint
2、heU.S.DepartmentofEnergy.TheinformationcontainedhereinshouldbeattributedtotheEnergyInformationAdministrationandshouldnotbeconstruedasadvocatingorreflectinganypolicypositionoftheDepartmentofEnergyoranyotherorganization.ServiceReportsarepreparedbytheEnergyInformationAdministrationupon
3、specialrequestandarebasedonassumptionsspecifiedbytherequester.ContactsThisreportwaspreparedbythestaffoftheEnergyTheEnergyInformationAdministrationwouldliketoInformationAdministrationandGregoryKuserkoftheacknowledgetheindispensiblehelpoftheCommodityCommodityFuturesTradingCommission.G
4、eneralFuturesTradingCommissionintheresearchandwrit-questionsregardingthereportmaybedirectedtotheingofthisreport.EIA’sspecialexpertiseisinenergy,notprojectleader,DouglasR.Hale.Specificquestionsfinancialmarkets.TheCommissionassignedoneofitsshouldbedirectedtothefollowinganalysts:senior
5、economists,GregoryKuserk,tothisproject.HeSummary,Chapters1,3,notonlywrotesectionsofthereportandprovideddata,and5(PricesandElectricity)healsoprovidedtheinvaluableprofessionaljudgmentDouglasR.Haleandperspectivethatcanonlybegainedfromlongexpe-(202/287-1723,Douglas.R.Hale@eia.doe.gov).r
6、ience.TheEIAstaffappreciatedhisexceptionalpro-ductivity,flexibility,andgoodhumor.WithouttheChapter2supportoftheCFTC,EIAwouldnothavebeenabletoThomasLeewritethisreport.(202.586.0829,Thomas.Lee@eia.doe.gov)JohnZyrenTheauthorswouldliketoacknowledgethecontribution(202.586.6405,John.Zyren
7、@eia.doe.gov)ofthreeindependentexpertreviewers.Dr.HendrikChapter4Bessembinder,UniversityofUtah,DepartmentofJamesJoostenFinance,andDr.AlexanderJ.Triantis,Universityof(202.287.1918,James.Joosten@eia.doe.gov)Maryland,DepartmentofFinance,contributedtofram-Chapter6ingtheresearchplanandre
8、viewedtwoearlyversi