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Oil Markets & Trading

MTP-EN-A
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Who should attend?

  • This training provides a better understanding of the structure of the markets, the uses and the impacts of physical and financial markets for crude oil and petroleum products.
Public :
  • All personnel in the petroleum or associated industries needing to improve their knowledge and understanding of crude oil and petroleum products trading and pricing mechanisms.

Level : Proficiency

Course Content

  • OIL SUPPLY & DEMAND FUNDAMENTALS

      • Energy resources.
      • Energy demand and supply.
      • Oil producing countries, OPEC, consuming countries, international oil companies: constraints and strategies.

  • SHIPPING

      • General features.
      • The market and its players-fixing of the freight rate (Worldscale).
      • Chartering contracts.
      • Risk control and environmental protection.

  • CRUDE & PETROLEUM PRODUCTS PHYSICAL TRADING

      • What is the value of a crude oil? The refiner's point of view.
      • Different types of contracts: long term, spot and forward.
      • Main oil markets and their features.
      • Key benchmark crudes.
      • The role of the PRAs (price reporting agencies).
      • Links between Trading and Shipping.
      • Products trading.
      • Main provisions of a sale/purchase contract.

  • EXCHANGES & FUTURES TRADING

      • The concept of volatility
      • Definition of a contract: the cases of WTI and Brent.
      • Exchanges and their organization: the cases of NYMEX and ICE.
      • Main Futures Markets.
      • Hedging principles.
      • Hedging imperfections, basis risk.
      • Market structure (contango, backwardation).
      • Case studies.

  • DERIVATIVES

      • Options: principles, basics and characteristics.
      • Interests and limits of options.
      • Swaps: principles, basics and characteristics.
      • Interests and limits of swaps.

  • HEDGING STRATEGIES - VARIOUS CASE STUDIES ON HEDGING

      • For a refiner.
      • For a crude oil producer.
      • For a marketer.
      • For an industrial consumer.

Learning Objectives

  • Upon completion of the course, participants will be able to:
  • analyze the parameters which influence prices of crude oil and prices of petroleum products,
  • review the different oil trading markets by type of transaction,
  • understand the importance of maritime transport costs in oil supply economics,
  • comprehend hedging techniques available for protection against fluctuations in prices.

Ways & Means

  • Syndicate works on case studies.
  • Case studies.