Understanding Henry Hub - RBN英文学习材料

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1、UnderstandingHenryHub:HowChangingNaturalGasFlowsWillImpacttheBenchmarkpublishedbyRustyBrazielonSun,09/23/2012-22:03TheHenryHubisthebestknownnaturalgastradinglocationintheworld.Thereiscertainlynomoreliquidpointintheindustry.Anaverageofalmost400,000naturalg

2、asfuturescontractstradethereeachday.TheHenrypriceisusedtocomputelocation‘basis’atallothernaturalgastradingpointsinNorthAmericaandthusisthereferencepricefortens-of-thousandsofderivativeinstrumentsandothercommercialcontracts.Ineffect,theHenryHubisthecentero

3、fthenaturalgastradinguniverse.WhatifIweretotellyouthatHenryHubisnotahub?ItisnotalllocatedatsomesinglespotyoucandrivebycalledHenry.Andthegasflowthroughthissocalledhubisminimal.CouldthisbeanotherLIBORscandalwhereabenchmarkisnotwhatwethought?Orisallwellandgo

4、odatHenry,regardlessoftheserevelations?Let’sfindoutwhyHenryistheHub,whyitdevelopedthewayitdid,andhowchangesingasflowsfromthebigshaleplayscouldimpactHenryinthefuture.Here’saheadsuponthisblogseries.TheHenryHubinsomewaytouchesalmosteveryaspectoftheU.S.natura

5、lgasmarket.Itsfunctionisunique,it’srolefrequentlymisunderstood,andchangesareonthewaytoHenryHub.TheshalegasphenomenoncombinedwiththepotentialforLNGexportscouldchangeitsvaluerelativetootherpartsofthemarketinNorthAmerica.Andthatwouldbeabigdeal.Consequentlyth

6、isisnotgoingtobeashortblogseries.Itisgoingtotakeanumberofpostingstocoverthistopic.Andforitalltomakesense,weneedtostartatthebeginning–wheretheHenryHubcamefrominthefirstplace.TheTimeBeforeHenryTradingofnaturalgasasacommodityisnotsomethingthatgoesbacktotheea

7、rlydaysofthepetroleumindustry.Justovertwenty-fiveyearsago,mostnaturalgaswassoldbyproducersunderlong-term,lifeofleasecontractstopipelinesatregulatedprices.In1985thatstartedtochangewithFederalEnergyRegulatoryCommission(FERC)Order436whichcreated‘openaccess’o

8、npipelines–ineffect,allowingothersbesidesthepipelinestoshipgas.Thatreallykickedoffthespotmarket.Tradepublicationsstartedtotrackpricesatavarietyoflocationsaroundthecountry,andforthefirsttimetherewassometransparencyin