  Swing options on the gas market are american style option where daily
quantities exercices are constrained and global quantities exerciced each year
constrained too. The option holder has to decide each day how much he consumes
of the quantities satisfying the constraints and tries to use a strategy in
order to maximize its expected profit. The pay off fonction is a spread between
the spot gas market and the value of an index composed of the past average of
some commodities spot or future prices. We study the valorization and the
effectiveness of the dynamic hedging of such a contract.
