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Mastering the Commodities Markets by Francesca Taylor

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‘Prompt’ And ‘Curve’ Markets

All gas trades, irrelevant of the location of the gas, are agreed for a specific period. Besides the 10 + year long-term contracts that exist, the brokered gas market is split into two periods: ‘prompt’ and ‘curve’.

The ‘prompt’ market

The short-term traded market, known as the ‘prompt’, is made up of contracts such as: Within-Day (WD), Day-Ahead (DA), Balance-of-Week (BOW), Weekend (WE), Working-Days-Next-Week (WDNW) and Balance-of-Month (BOM). These contracts can be traded speculatively, but predominantly as a way of balancing portfolios.

The ‘curve’ market

The ‘curve’ is considered to be monthly contracts, quarterly contracts (Q1, Q2, Q3, Q4), seasons (Sum, Win), gas years (GY 1 Oct–31 Sep) and calendar years ...

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