Monday, December 8

8:00 - 8:45 a.m.      Continental Breakfast

8:45 - 9:45 a.m.      Welcome and Overview
     Ed Kennedy, Senior V.P. Energy, Hencorp Becstone Futures LC,

The Markets have undergone dynamic changes in the last five years. Price risk, basis risk, and credit risk must be all be considered in a successful hedging program. This session will review these risks as well as review the slate of hedging products available today.

• Counterparty Credit Risk Understood
• Conventional Fixed Price Futures and Options
• OTC Clearport Financially Cleared Products
• Henry Hub Swap
• Locational Basis Swaps
• Index Swaps

9:45 - 10:15 a.m.      Coffee Break

10:15 - 11:45 a.m.      Options Demystified
     Al Bean, Partner, ACT Energy Management

This session will focus on efficient use of calls and puts to give you the knowledge you need to incorporate these tools into your natural gas price risk management program. Mr. Bean will draw on his 12 years of gas procurement and hedging expertise to provide insights on what option strategies to use in both bull and bear markets. Among the topics to be discussed are:

• Options Refresher
• A Quick Review of Calls and Puts
• Intrinsic Value
• Time Decay
• Implied volatility
• Options in Your Hedging Program:
• Price Protection for your Supply Needs
• Price Protection for your Production
• Managing Storage: Maximizing the Spread while Minimizing the Cost

Noon      Lunch and Afternoon Activities (golfers: box lunch on carts; all others: lunch on pool terrace)

6:00 -7:00 p.m.      Networking and Cocktail Reception hosted by Hencorp Becstone Futures LC (in Gili's Pool Bar & Grill)

Tuesday, December 9

8:00 - 8:45 a.m.      Continental Breakfast

8:45 - 11:45 a.m. (w/ 30 min break @ 10:00 a.m.) A Multidimensional Approach to Hedging Natural Gas Price Risk
     Tom Saal, Senior V.P. Energy, Hencorp Becstone Futures LC,

Monday's Session began to answer the question: "What Can I Do About It?" This session will seek to answer the question: Where's the Market Going?" Be on hand as Mr. Saal reveals the data and clues produced by the market that help him and his clients make prudent trading decisions each day. A successful hedging program involves deciphering the information provided by the market and using it to your advantage.

• Utilizing Information Provided by the Market
  • Who's Doing What? Types of Traders and their motives: Hedger versus Speculator
  • Fundamental Supply-Demand Balance Approach versus Marginal Analysis
  • Using Time Basis (Spread) Analysis
  • Market Profile Analysis
  • Technical Studies: Moving Averages, Stochastics, Bollinger Bands, and Fibonacci Retracements

Noon - 1:30 p.m.     Luncheon Address: Issues Facing Public Gas Utilities
    Bert Kalisch, President and CEO, American Public Gas Association

APGA's number one priority reflects the goal of its member utilities, to provide customers with the safe and reliable delivery of affordable natural gas at just and reasonable rates. A robust and transparent natural gas market is an important and necessary element to achieve that goal. Mr. Kalisch will address APGA's advocacy activities concerning market transparency, as well as other current legislative and regulatory matters that impact the operation of a publicly-owned natural gas utility.

1:30 - 3:45 p.m.     Hedging Workshop
    Al Bean, ACT Energy Management and Tom Saal, Hencorp Becstone Futures LC,

Tom and Al will roll up their sleeves in this session and offer attendees the tools and information they need to either tweak their existing hedging program or build one from scratch. This interactive workshop session will give attendees the opportunity to put what they have learned to the test by working through pertinent and timely market scenarios.

• A Look at Four Real-World Case Studies
1. Options with Vertical Spreads
2. Futures using Calendar Spreads
3. Protecting Cost of Gas in Storage
4. Hedging your Unused Storage Capacity

4 p.m.     Workshop Concludes

If you have any questions, call 1-800-427-5747 or email us at info@gasmart.com.

Copyright © 2008 Intelligence Press, Inc. All Rights Reserved.