Use the discounts provided to answer the following.

Part A

Given the futures prices and discounts given calculate the swap price for a natural gas swap with a 2-year tenor.

Part B

You are a swap buyer on a natural gas swap with a notional of 2,000,000 MMBtu at a price of $2.45 per MMBtu with 24 monthly payments left to go.

Given your answer to Part A, what is your mark-to-market profit or loss?

Delivery	Futures	Discount
11/1/2019	2.32	0.9985
12/1/2019	2.517	0.9970		Part A
1/1/2020	2.635	0.9955
2/1/2020	2.603	0.9940
3/1/2020	2.499	0.9925
4/1/2020	2.274	0.9909
5/1/2020	2.26	0.9894		Part B
6/1/2020	2.302	0.9879
7/1/2020	2.35	0.9864
8/1/2020	2.36	0.9848
9/1/2020	2.344	0.9833
10/1/2020	2.372	0.9818
11/1/2020	2.442	0.9802
12/1/2020	2.612	0.9787
1/1/2021	2.735	0.9771
2/1/2021	2.694	0.9756
3/1/2021	2.572	0.9741
4/1/2021	2.288	0.9725
5/1/2021	2.262	0.9710
6/1/2021	2.297	0.9694
7/1/2021	2.335	0.9678
8/1/2021	2.34	0.9663
9/1/2021	2.328	0.9647
10/1/2021	2.354	0.9632