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Oil and Gas : Markets, Trading, Pricing, and Economic Framework
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Introduction
Introduction
A marker price
Different strategies
Introduction
The 1970s : Long term contracts
The 1980s : The development of spot markets
The netback contracts
The 1990s : The development of financial markets
Introduction
The different types of agreements
Crude oil price setting mechanism
Product price setting mechanism
Barter agreements
Single cargo sales
Long term contracts
Definition
Spot markets in the world
Operators on the spot markets
The balance between crude oil and product prices
Spot transactions
The Brent market
The Brent crude oil
Price transparency
Indexing crude oil prices : The adjustment factor
Indexing crude oil prices : Reference indices
Indexing crude oil prices : The price timing
The limitation of the system
Example #1 : The Rotterdam products market
How prices are reported
The forward market
The principle of cover
Speculation
The players on the forward markets
Dated Brent and 15 Day Brent
The limitations of the forward markets
The historical development of the petroleum exchanges
Futures contracts
How the markets work : Generalities
How the markets work : The clearing house
How the markets work : The deposit
How the markets work : The margin call
The participants
Pricing structures : Backwardation and Contango
The limitations of the futures markets
The definition of an option
Example of the use of an option : Call option
Example of the use of an option : Put option
The cost of an option
The definition of a swap
Example of the use of a swap
Course conclusion
ABOUT THE COURSE
Introduction
Preview
CRUDE OIL : A UNIQUE RAW MATERIAL
Introduction
Preview
A marker price
Different strategies
INTERNATIONAL OIL TRADE
Introduction
The 1970s : Long term contracts
The 1980s : The development of spot markets
The netback contracts
Preview
The 1990s : The development of financial markets
PRICES ON THE OIL MARKETS
Introduction
The different types of agreements
Preview
Crude oil price setting mechanism
Product price setting mechanism
TRADING ON THE OIL MARKETS
Barter agreements
Single cargo sales
Long term contracts
THE SPOT MARKETS
Definition
Spot markets in the world
Operators on the spot markets
The balance between crude oil and product prices
SPOT CRUDE OIL PRICES
Spot transactions
Preview
The Brent market
The Brent crude oil
Price transparency
Indexing crude oil prices : The adjustment factor
Indexing crude oil prices : Reference indices
Indexing crude oil prices : The price timing
The limitation of the system
PETROLEUM PRODUCTS PRICE SETTING MECHANISM
Example #1 : The Rotterdam products market
Preview
How prices are reported
THE PHYSICAL FUTURES MARKETS
The forward market
The principle of cover
Speculation
The players on the forward markets
Dated Brent and 15 Day Brent
The limitations of the forward markets
THE FINANCIAL FUTURES MARKETS
The historical development of the petroleum exchanges
Futures contracts
How the markets work : Generalities
How the markets work : The clearing house
How the markets work : The deposit
How the markets work : The margin call
The participants
Pricing structures : Backwardation and Contango
The limitations of the futures markets
DERIVATIVE PRODUCTS : SWAPS AND OPTIONS
The definition of an option
Example of the use of an option : Call option
Example of the use of an option : Put option
The cost of an option
The definition of a swap
Example of the use of a swap
COURSE CONCLUSION
Course conclusion
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