An overview of the forces shaping the oil and energy markets as the energy transition moves ahead, covering supply & demand, price forecasting, trading and risk management strategies.

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Objectives:

See the big picture of the oil industry with an understanding of its structure, fundamentals, supply, and demand

Get an understanding of oil trading, pricing, and benchmarks

Create short term and long term outlooks for the oil markets, in an environment being impacted by energy transition

Develop risk management strategies for selling, purchasing, and trading uncertainties

Learn, reinforce, and refresh knowledge and skills, while hearing different industry perspectives and gauging current industry trends

Discover growth opportunities by building confidence to engage more pro-actively with colleagues, senior management, customers, and suppliers on current and future market conditions.

Opportunity to develop professional network of industry participants.

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Course outline:

Oil Market Fundamentals

• Global energy fundamentals: global energy supply & demand;
• Structure of the world oil industry
• World oil market fundamentals (part 1): Oil market history; oil demand and supply; forces shaping future of world oil demand; history of oil supply regulation; US Shale; Emergence of OPEC+
• World oil market fundamentals (part 2): oil price history; factors shaping the oil price today; role of futures markets; price benchmarks
• Oil and the energy transition: How to think about the future

Oil price discovery and trading

• Oil Pricing: How does the Brent market work?; Understanding what the physical trading data represents; Methodology: How do we arrive to the price?
• Trading: The mechanics of trading physical crude
• Oil Price Forecast

Benchmarks

• Overview of Platts Oil Benchmarks and assessment methodology
• Update on Platts Benchmarks: Dated Brent/Urals
• Update on Platts Benchmarks: Platts Dubai/Oman

Market Outlook

• How to develop an oil price outlook, short and long term
• Value of scenario framework for forecasting
• Oil market outlook to 2024 and through 2050

Carbon Capture

• Technologies and Trends

Carbon Intensities

• Carbon Accounted Commodity
• Carbon Price Premium

Risk Management Concepts

• Approaches to Risk Management
• Risks with discretionary positioning
• Long and Short
• Basis and Outright risk
• Physical v. Financial Exposure

Basic Futures

• Futures: ecosystem and settlement
• Margins, basis and spreads

Introduction to Basis Trading

• Implications of basis
• Models for basis analysis

Overview of Options

• Basics and definitions
• Variables to determine option prices
• Profit and Loss diagrams
• Basic option strategies

Introduction to Hedging

• Hedging strategies in trading
• Basic hedging instruments