EPİAŞ, which ranks first among its strategic plans to “strengthen the sustainability and predictability of energy markets”; Within the framework of the expectations of the rapidly developing sector and stakeholders, it is proud to offer the Natural Gas Futures Market (GFM), which it has designed and developed with domestic and national resources.
What Does the Natural Gas Futures Market Bring?
What are the Differences Between the Natural Gas Futures Market and the Over-the-Counter Market?
What are the Conditions of Participation in the Natural Gas Futures Market?
What are the Commercial Transactions in the Natural Gas Futures Market?
What are the End of Day Transactions in the Natural Gas Futures Market?
How Financial and Physical Period Work in the Natural Gas Futures Market?
What are the Collaterals Offered in the Natural Gas Futures Market?
Like all commodity markets, the interested parties in the natural gas market want to protect themselves against price risk. While Producers and Importers desire to be protected from price decreases and to have regular cash flow, Consumers expect not to be affected by price increases and to be able to calculate production costs more accurately.
For this purpose, the processes of “predicting the price” and “avoiding risk” play a critical role in commercial decision making. Natural Gas Futures Market; In addition to providing the necessary environment for faster forecasting and more accurate determination of the natural gas price, it will also ensure that the risks are minimized by taking an adverse position against price changes.
Buyer and seller interactions are one of the main factors that determine the market price of the product. Futures markets, which are preferred because of their lower transaction costs, generally react more quickly to changes, thus allowing the future price of the product to be predicted.
To protect against possible adverse price movements, it is desirable to spread the trade to maturity. Thus, it is possible to take a “reverse position” that will minimize or eliminate the investment risk undertaken. Participant; It is commercially hedged against price increases with a Long Position (buy) and against price decreases with a Short Position (sell).
Over-the-Counter Market transactions are carried out through “bilateral agreements”, and Natural Gas Futures Market transactions are carried out over “contracts”. To compare;
To participate in the EPİAŞ Natural Gas Futures Market, the following conditions must be met;
As an example, let’s say the participant trades in the First Quarter of 2022 (January, February and March 2022) in December 2021;
Against the price change risk of GFM contract, from market participants holding open positions; Contract Margin, Market Update Margin and other collaterals are taken.
Physical Delivery Guarantee is received from the participants against the invoice collection risk originating from the buyer and the physical delivery risk originating from the seller.
Natural Gas Futures Market Training I
Natural Gas Futures Market Training II
GFM Market Processes
GFM Collateral and TGH Processes
GFM Default Processes
GFM Settlement Processes
EPİAŞ, which ranks first among its strategic plans to “strengthen the sustainability and predictability of energy markets”; Within the framework of the expectations of the rapidly developing sector and stakeholders, it is proud to offer the Natural Gas Futures Market (NFM), which it has designed and developed with domestic and national resources.
Within the scope of the Spot Market, which is currently operated by EPİAŞ and can be traded for products up to 7 days, the participants can balance their portfolios and perform physical optimization with Daily (day ahead, intraday, after day) and Weekly (weekend, weekday, weeklong) Products. In addition to the Monthly, Quarterly and Annual Products within the scope of the Natural Futures Gas Market, they will have the opportunity to discover price expectations for the future and hedging from price risk.
Thus, these two markets, which have the advantages of a central counterparty guarantee and being subject to regulation, which are not available in the over-the-counter markets, will create an environment of trust for new investments by addressing different needs and complementing each other.
Mehmet Haluk Yılmaz
Cüneyt Taha Özkan
Derya Taş Ereke
İbrahim Ziya Özgün
İsmail Hakkı Ulutaş
Mehmet Emre Ölmez
Mehmet Fatih Ergün
Mehmet Şirin Adanır
Merve Nur Karabulut
Mustafa Enver Okay
Rümeysa Kübra Baysal
Seda Ayça Yıldız
Selma Salık Günaçtı
Tuğba Zengin Özdemir
Yusuf Sinan Akıncı
Bilimser Yağmur Demirel
Haluk Semih Dündar