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Table Of Contents

EXECUTIVE SUMMARY
BACKGROUND CONTEXT OF THE STUDY
PHYSICAL MARKET FUNDAMENTALS
FINANCIAL MARKETS COMPOUND THE PROBLEM
I. HUGE STAKES IN A “WACKY” MARKET
A. CAUSE FOR CONCERN
1. A Staggering Burden
2. Wacky, Strange, Odd, Erratic Prices
B. A COMPLEX SPIRAL OF PRICE INCREASES
1. Physical Market Fundamentals
2. Financial Commodity Markets
D. APPROACH AND OUTLINE
A. DEMAND
1. Consumption
2. Distribution Infrastructure
B. SUPPLY
1. Reserves and Resources
2. The Industry Flip-Flop on Price
4. The Cost of Production
C. SUPPLY AS A STRATEGIC VARIABLE
D. SHORT RUN FACTORS
A. ACT ONE: PLANTING THE SEEDS OF DYSFUNCTION
1. Trading Spins Out of Control
2. Public Policy Opens the Door to Abuse
B. ACT TWO: REAPING THE WHIRLWIND
1. Trading Ramps Up and Prices Follow
2. Growing Concerns About Trading
3. A Broader Pattern of Abuse in Energy Markets
C. MOVING MARKETS: THEORY AND PRACTICE
A. VOLATILITY, RISK PREMIUMS AND EFFICIENCY
B. FUNDAMENTALS VERSUS TECHNICAL TRADING
C. HYPE VERSUS REALITY
D. OTHER SOURCES OF INEFFICIENCY
1. Utilities
2. Gathering System Market Power
E. WHAT IT TAKES TO MOVE MARKETS
F. CONCLUSION
V. POLICY OPTIONS
A. RECENT STUDIES OF NATURAL GAS FINANCIAL MARKETS
B. RECENT CHANGES IN NATURAL GAS FINANCIAL MARKET OVERSIGHT
D. BASIC CONSUMER PROTECTIONS FOR NATURAL GAS TRADING
E. STATE REGULATORY ISSUES
F. PHYSICAL MARKET ISSUES
ENDNOTES
GLOSSARY
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Natural Gas Report

Natural Gas Report

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Published by Garima Nahar

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Published by: Garima Nahar on Jul 24, 2011
Copyright:Attribution Non-commercial

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