I-gesi yendalo iyimfuyo enokutsha kakhulu efunyenwe kwinqanaba lomhlaba. Ukungazinzi kwempahla yamandla kubini kwipropati kunye nexabiso. Xa kuziwa kwixabiso lentengo yegesi yendalo, kukho ukumahluko okugqithisileyo ngexesha. Enyanisweni, igesi yendalo enye yeenkontileka ezizayo ezinokuthi zithengise i-US exchange.
Kuphi ukufumana iGesi yeNdalo yendalo
Ixesha elizayo legesi kunye neendlela zokuhweba kwiNew York Mercantile Division (NYMEX) yeChicago Mercantile Exchange ( CME ).
Isivumelwano ngasinye sibonisa i-MMBtu okanye izigidi ezili-10 ze-Unitrmal Units zezinto eziphathekayo zamandla. Ekubeni intengo yendalo yegesi ihamba ngokukhawuleza, inkontileka yexesha elizayo ithatha abakhiqizi kunye nabathengi ababethelisa umkhiqizo okanye iimfuno. Ukongezelela, iimarike ezinokuzithengisa ezininzi ezithatha inxaxheba kwiimarike zenza umthamo imihla ngemihla zithatha abatshali-mali kunye nabacebisi abakhangela ukwenza imali kwiintengo. Ixesha elizayo yegesi yendalo yaqalisa ukuhweba kwi-NYMEX ngo-1990 kwaye ngaphezu kwexesha elidlulileyo phantse kwiminyaka emashumi amathathu, ukwandisa umdla kwimarike kuye kwabangela ukunyuka ngokukhawuleza kwimiqulu emveliso. Njengokuba kukho iikontraki ezininzi zexesha elizayo, kukho indlela yokwenza okanye ukuthatha ukunikezelwa kwangempela kwegesi yendalo. Inkontileka ye-NYMEX ifuna ukuhanjiswa kwi-Henry Hub e-Erath, eLouisana.
I-Premium okanye izaphulelo ku-Henry Hub
Kwimarike yerhasi yemvelo, uHenry Hub uyintengo yokulinganisela e-United States.
UHenry Hub uyindawo ebalulekileyo yokunikezela, kodwa igesi yendalo ithengisa yonke i-United States. Nangona kunjalo, intengo yempahla yamandla iyahluke kwezinye iindawo ngenxa yeemeko ezahlukeneyo. Ukubonelela kunye nemfuno kwenye imimandla yase-US ichonga intengo yangaphakathi yempahla yamandla. Ngako oko, igesi yendalo kwi-East Coast, i-West Coast, iMiddle West okanye kwezinye iindawo ziza kuthengisa i-premium okanye isaphulelo kwixabiso likaHenry Hub kwaye ukwahlukana okanye "isiseko" sisebenza ngokuthelekisa kwi-Henry Hub xabiso.
ETF kunye ne-ETN Products kwiGesi yeNdalo
Impumelelo yemarike yexesha elizayo kwimveliso yamandla ibangele ukuthengiswa kwemveliso kunye nokuveliswa kweemveliso ukutshabalalisa kwimeko kule minyaka yamuva. Iintengiso zeTrans Exchange (ETFs) kunye neeNkcazo zokuThengiswa koTshintsho (ETNs) zombini imimiselo yezithuthi zemakethe ezenza abathengisi kunye nabatyalomali kwiimarike zerhasi yemvelo ngaphandle kwemfuneko yokuvula i-akhawunti okanye i-akhawunti yokukhethwa kwexesha elizayo. Umkhiqizo wokuqala we-ETF kwi-gesi yendalo yayisithuthi se-United States Gas Gas (UNG). I-UNG ifuna ukuphindaphinda utshintsho lwemihla ngemihla yepesenti yexabiso lentengo yegesi yemvelo ehanjiswe ku-Henry Hub, njengoko ilinganiswe ngenguqu yansuku zonke kwintengo yekontrakthi ezayo ezayo. Ngako oko, i-UNG ilandelela ukunyuka kwintengo yexesha elizayo ekuthengiseni i-NYMEX. UNG ngumkhiqizo we-ETF ongaphiliyo. Umthengi we-UNG uza kuba ngumrhwebi okanye umtyalomali okholelwa ukuba intengo yempahla yamandla iya kuphakama.
Kukho ezinye iimveliso ze-ETN eziphakamisa intengo yegesi yengqikithi. IGAZ okanye i-Velocity Shares 3x Long Gas Gas ETN ngumveliso ozama ukuphindaphinda kathathu ukunyuka kwentengo yegesi yendalo. Ukuba ixabiso lentengo yendalo igxuma phezulu, i-UGAZ ihamba phambili.
I-DGAZ okanye i-Velocity Shares 3x mfutshane yeGesi ye-ETN yinto efuna ukuphindaphinda kathathu ukunyuka kwentengo yegesi yendalo. Ukuba ixabiso lentengo yendalo igxotha ngaphantsi, i-DGAZ ihamba phambili. Ezi mveliso ze-ETN zizithuthi zorhwebo ezifutshane ngokufutshane ezifanelekileyo kubaxhasi-mali okanye abahwebi bekhangela i-intraday okanye ininzi yeentsuku zokuhamba kweentsuku. Ukunyaniseka okukhulu kwixabiso le-UGAZ kunye ne-DGAZ kuthatha umthamo ophezulu oguqula umthamo kwimarike yerhasi yemvelo njengoko abanikezeli beemveliso zeemarike bajika kwiikontraki ze-NYMEX ukuze bahlasele ingozi yabo.
Kukho ezinye iirhasi ze-ETN, i-BOIL okanye i-ProShares Ultra Bloomberg Gas Gas ETN ngumkhiqizo omude ofuna ukuphindaphinda kabini ukuhamba kwamanani emini kwintengo yamandla.
Iimveliso ze-ETF kunye ne-ETN zandise imakethi ejongene negesi yendalo kodwa gcinani engqondweni ukuba iimveliso ezinqatshelweyo aziyilo-mali-mali kodwa i-short-term trading instruments.
Abavelisi beGesi beNdalo
Enye indlela abathathi-nxaxheba bemarike ababandakanyeka ngayo kwimarike yendalo yegesi kukutyalomali kwezo nkampani ezihlolisayo kwaye zivelise iimveliso zamandla. Kukho iinkampani ezininzi eUnited States ezikwishishini lokufuna nokukhangela igesi yendalo kwinqanaba lomhlaba. Ngokuqhelekileyo, njengoko intengo yendalo yegesi ihamba phezulu, ezi nkampani zivame ukunyuka kwimivuzo. Nangona kunjalo, impumelelo yotyalo-mali kwinkampani yokuvelisa ayihambelani ngokupheleleyo nexabiso rhoqo. Enye yemingcipheko yokutyalo-mali kumvelisi wegesi, ngaphandle kwexabiso lempahla, ukukwazi kwezi nkampani ukuvelisa imveliso kunye nokwenza imali ekuthengiseni loo mveliso kwimarike.
Kukho iimveliso ze-ETF kunye ne-ETN ekhoyo ebonisa ibhoksi yeenkampani kwishishini lokuvelisa kwaye ezinye zezithuthi ziqulethe.
Iimpawu ezihlanu zesikhokelo semali
Ekubeni intengo yendalo yegesi yinto engathandekiyo, abathathi-nxaxheba abaninzi abathengisa iimarike bahlala bekhangela iimpawu ezifana nendlela yokuncincika kwamanani. Kukho iindlela ezinhlanu ezibalulekileyo ezingancedisa abatyali-mali kunye nabathengisi xa kuziwa ekuqondeni imeko yangoku yemarike kunye nembono yexabiso kwixesha elizayo neliphakathi.
Inkcazelo 1: Impahla
Iveki nganye, ngeLwesine ngo-10: 30 nge-EST i-Ejensi ye-Energy Information (EIA) e-United States ikhupha inani le-inventory kwinani elipheleleyo legesi yendalo ekugcinweni kuyo yonke i-United States. Ingxelo yeSitoreji seGesi yeNdalo yeeNkcazo ixelela i-market ukuba inani le-BTU liye landa okanye linciphisa ngeveki edlulileyo; iwindow ekunikezeni ixesha elifutshane kunye neemfuno eziphambili . Ngethuba leenyanga zentwasahlobo nehlobo, ukugcinwa kwezinto ezivame ukuphakama kwaye ngexesha lokuwa kwexesha lokugqibela kunye nobusika, bavame ukuwa njengexabiso lokufudumeza kubangela ukuphuma kweemveliso zamandla. Abaninzi abahlalutyi baphakamisela iingxelo malunga neveki ngaphambi kokukhululwa. Ukuba ingxelo iyahluka kwiindleko zemarike, intengo yegesi yendalo igxotha ukuhamba, ngamanye amaxesha.
Inkcazelo 2: Umtsalane
Ekubeni kuninzi abathathi-nxaxheba bemarike abandakanyekayo ekuthengiseni i-gesi yendalo, umgangatho wexabiso unokunika ingcaciso malunga nendlela yokuncincika kwamanani. Ubuchwephesha-abalandelayo abahwebi bavame ukuhamba ixesha elide xa umgangatho uphezulu kwaye ufutshane xa uphantsi. Lo msebenzi kwimarike unokuthi, ngamanye amaxesha, ukunyuka kwemigangatho eyenza intengo ihambele phezulu okanye ngaphantsi kwamanqanaba okulingana.
Iqhosha 3: Ezinye iiMetrikhi zobuGcisa
Inzala evulekileyo yinani elipheleleyo lezithuba ezide kunye ezimfutshane kwiikontrakthi zegesi zendalo kwi-NYMEX. Ukwandisa okanye ukunciphisa umdla ovulekileyo kaninzi kubonelela ngeendlela zokuziphatha kwabaxeli bemarike. Khumbula, abacebisi abahamba ixesha elide okanye elifutshane ukwenza imali ngokunyuka kwexabiso. Ekugqibeleni badinga ukuhlaziya kunye nokubeka izithuba zobungozi. Kwigesi yendalo, xa umdlalo omude okanye omfutshane ukhuphukela kumazinga aphakamileyo asemgangathweni, ixabiso lingahlaselwa ngogonyamelo. Iveki nganye iCFTC ikhupha ukuzibophelela kwedatha yomthengisi ebonisa ukuphazamiseka kwentlalo evulekileyo kwigesi yendalo kunye nazo zonke iimarike ezizayo.
Inkcazelo 4: Utshintsho lwezobuchwephesha kunye nolawulo kwiShishini
I-teknoloji isoloko ishintsha indlela iinkampani zoshishino lwamandla ezisebenza ngayo. Ukufika kwe-hydraulic fracking kuye kwanciphisa iindleko zokuveliswa kwegesi yendalo kodwa ngelo xesha, kubangele imicimbi ethile yendalo. Ukongezelela, ngo-2016 ukuthunyelwa kokuqala kwegesi yendalo yendalo (LNG) yashiya i-US ukuba ihambe kuyo yonke indawo. I-LNG ivule imfuno entsha yegesi yendalo eya kwandisa imfuno kwiminyaka ezayo. Ekugqibeleni, utshintsho kwimimiselo xa kuvela ekuveleni nasekuthengiseni igesi yemvelo kunokunyusa okanye ukunciphisa iindleko zokuvelisa kunye namaxabiso ngaphezulu kwexesha. Imiba yokulawula yemveliso yamandla ixhomekeka kwiimeko zezopolitiko e-United States kwaye iya kuba nefuthe kwimpembelelo njengokuba kutshintsha utshintsho.
Inkcazelo 5: Imozulu
Ekugqibeleni, mhlawumbi i-determinate ebaluleke kakhulu yerhasi yemvelo kwithuba elifutshane ukuya kwixesha eliqhelekileyo libikezelo sezulu. Ihlobo elitshisayo liya kukwandisa imfuno yemoya yemoya leyo eyandisa amandla okanye umbane. Njengoko igesi yendalo ingumqobo obalulekileyo kwimveliso yombane, ihlobo elishisa kakhulu linokunyusa imfuno ngelixesha apho izakhiwo zokugcina zifumana ukuphakama kwexesha lokungena. Ubusika obubandayo bunokwandisa imfuno yokufudumala okunyusa inani lokurhoxiswa kwiindawo zokugcina. Njengaye naziphi na iimpahla, njengoko ukunyuka kwamanani kuphakama amaxabiso akhuphuke kunye nangoko. Ngo-2005 no-2008, iiNqantomba kwiGulf of Mexico zathetha ixabiso lentengo yegesi yendalo kwixesha eliphezulu. Nasiphi na iziphepho ezonakalisa indawo kunye nemipopini emikhulu okanye izixhobo zokuvelisa zinokuchaphazela intengo ngokuphawulekayo.
Kukho iinkcukacha ezininzi zokujonga xa kuthengiswa okanye ukutyalo-mali kwiimarike zerhasi yemvelo. Zonke izicatshulwa ezikhankanywe kule nqaku zifumaneka ngaphandle kwentlawulo. Ukunyuka kwexabiso kwintsimo yegesi yendalo kunokunyusa izinwele ngamanye amaxesha. Ukususela ngo-1990 ixabiso liye lathengisa kwi-range ye-1.02 ukuya kwi-15.65 kwi-MMBtu. Akukho ngaphandle kwesiqhelo kwindleko yale nto yokuthengiswa kabini okanye kwisiqingatha ixesha elifutshane kakhulu xa utshintsho olusisiseko lwenzeka kwiimarike. Ukujonga izinto ezinhlanu ziyakunceda ukuba uqikelele okanye ubuncinci uchaze ukunyuka kwexabiso kwizinto ezinokutsha.