Sparen Sie 10%
International Business House

Oil Trader Academy

International Business House
In London (England)
Emagister-Preis

7.852 € 7.066 
zzgl. MwSt.
*Orientierungspreis
Originalpreis in GBP:
£ 6.995  £ 6.295

Wichtige informationen

Tipologie Kurs
Ort London (England)
Dauer 2 Weeks
Beginn nach Wahl
  • Kurs
  • London (England)
  • Dauer:
    2 Weeks
  • Beginn:
    nach Wahl
Beschreibung

As an outcome from the course you will: Review crude oil supply, demand and products -Understand crude oil refining, evaluation and selection -Explore physical markets, shipping and contracts -Appreciate pricing formation and price risk management -Learn about futures, swaps, options and over- the-counter markets -Become familiar with trading techniques and terminology -Participate in trading and hedging exercises and improve negotiation skills.
Suitable for: This programme will appeal to: oil and product traders, refiners, economists, analysts portfolio managers, risk managers, operations managers, brokers and other related front, middle and back office staff.

Wichtige informationen

Preis für Emagister-Nutzer: Register before 27th April 2012 and get 10% discount! Multi Booking discounts – 15% for 3+ delegates**

Voraussetzungen: This course comprises two modules. You can participate in the whole course or in one of them Module 1: 'Physical Crude & Products Trading' Date: 25 - 29 July 2011 Module 2: 'Advanced Trading & Price Risk Management' Date: 01 - 05 August The participants of the course will be issued an International Certificate of the ICE Futures

Einrichtungen (1)
Wo und wann
Beginn Lage
nach Wahl
London
9 Appold Street, EC2A 2AP, London, England
Karte ansehen
Beginn nach Wahl
Lage
London
9 Appold Street, EC2A 2AP, London, England
Karte ansehen

Was lernen Sie in diesem Kurs?

Oil and Gas Law
Oil and gas exploration
Oil Drilling
Oil Well
Petroleum

Themenkreis

PROGRAMME:

DAY 1

General Introduction

  • Administration and delegate introduction
  • Course Overview

Supply and Demand Fundamentals and Implications

  • Evolution of oil demand and supply
  • Current oil reserves and production
  • Oil supply/demand and implications for trade

Crude Evaluation and Selection

  • Crude classification and assay
  • Gross Product Worth
  • Worldscale (Freight costs)
  • Net margin and crude selection

Refining & Trading Simulation (Round 1)

  • General introduction
  • Physical (wet) crude trading
  • GPW and best crude

Physical Markets & Pricing

  • Crude Oil Physical oil markets
  • Pricing mechanisms


DAY 2 – CONTRACTS

 

  • The Players
  • Crude Oil Market Structure
  • Long-Term Contracts – issues with change of circumstances
  • Spot Market Contracts – characteristics of the market, areas of markets, standard terms
  • FOB Crude Oil Contracts – free on board, duties of seller and buyer, passing of property
  • CIF Crude Oil Contracts – cost, insurance and freight, variations, out-turn clause, terms relating to deliver on arrival, duties of seller and buyer, the goods, quantity and quality, shipment period and place, appropriation, shipping documents, tender of documents, passing of property
  • Delivery Terms
  • Price and Pricing Formula
  • Shipping Procedure

Payment

  • Legal Aspects – telephone, telex, text and email contracts, bills of lading, letters of credit, letters of indemnity, performance bonds, nomination, laytime and demurrage, certificates of quantity, quality and originality
  • Taxes, charges and expenses
  • Warranties – free of encumbrances, right to transfer
  • Dispute Resolution
  • Lifting and Balancing Agreements – lifters’ rights, vessel nominations, loading, insurance, dispute resolution

DAY 3


Dated Brent and The 21 Day BFO Market & Other benchmarks

  • Introduction to the terms
  • Role as a benchmark
  • Why Brent - The Brent forward contract
  • Brent lifting programme
  • Linking of the 21 day BFO & Dated Brent markets
  • WTI
  • Dubai

Hedging Instruments - Forward & Futures

  • Pricing exposure/keeping an exposure book
  • Evolution of the market
  • Crude oil forward markets
  • Review of futures contracts & terminology
  • Basic Hedging example using futures
  • Basis risk/opportunity and forward curve

Refining & Trading Simulation (Round 2)

  • Crude hedging with futures/Basic risk
  • Hedging strategy and position management
  • Refinery nominations (crude type and mode of operation

Market Reporting and Price Assessment - Platts

  • What is Platts?
  • Market needs
  • Scope of crude and product reporting
  • Price assessments and confirmation

DAY 4


Refinery Products & Processes

  • The main products
  • Refinery configurations
  • Deep residue conversion
  • How refiners influence yield variations
  • Alternative & Renewable Fuels
  • Changing crude slate
  • Transport Fuel Quality & Emissions
  • Regional Demand & Margin trends
  • Blending & giveaway

Swaps

  • Swaps terminology and principles
  • Examples of crude oil and product swaps
  • Swaps settlement and pay-out
  • Contracts for difference/ Brent CFD market

Intro Refining & Trading Simulation (Round 3)

  • Product Sales FOB
  • Gas oil futures and mogas swaps
  • Developing a trading strategy

Refining & Trading Simulation (Round 3)

  • Product Sales FOB
  • Gas oil futures and mogas swaps
  • Developing a trading strategy

Freight & Shipping

  • Shipping & Chartering
  • Chartering a ship
  • Tanker Market Supply & Demand
  • Operations & risks
  • Chartering exercise handout

DAY 5


International Product Trade Flows and Transport

  • Differences between Products & Crude
  • The main product markets
  • Product price drivers
  • Product price differentials
  • Refining Balance
  • Fundamentals of the various product markets

-    Power Market 
-    Bunker Market 
-    Atmospheric Residue market

  • Importance of Refining Margins
  • Freight
  • Arbitrage & Trade
  • Role of Traders/Blenders
  • International arbitrage

Freight Choice and CIF Contract Exercise    
Intro Refining & Trading Simulation Briefing (Round 4)

  • Arbitrage
  • Product sale CIF & FOB
  • Profitability & Mark to Market
  • Week 5 sales

Trading strategies

  • Back to Back
  • Long & Short
  • Cornering
  • Fundamental Analysis
  • Technical Analysis
  • Trading off a term contract
  • Spread trading & Cfd’s
  • Controlling risks

Simulation Results
Summarising Comments/Delegates depart


MODULE 2: DAY 1

Fundamentals of oil and gas
Basic principles

  • Upstream marginal and average costs
  • Capital intensity
  • Exploration and Production
  • Crude oil characteristics
  • Refining
  • Oil industry structure
  • Oil price volatility

The geography of oil and gas
Oil demand

  • Global demand growth
  • Shifting balances between OECD and Non-OECD
  • The changing balance of products

Oil Production

  • Major producing regions
  • Production trends

Oil trade

  • Major oil trade flows

OPEC

  • The role of OPEC

Modelling the oil market

  • Why do we want to model the oil market?
  • Modelling demand
  • Oil price determination
  • Oil inventories

Oil market outlook

  • What drove oil prices to $150/bbl in 2008 - Futures or fundamentals?
  • What stopped the collapse early in 2009?
  • What is driving the price rebound?
  • Where will oil prices go from here?
  • Is oil price stability possible?L TRADER ACADEMY

MODULE 2: DAY 2


Structure of Course

  • Analysing Oil price behaviour to aid decision making and timing around physical inventory and or hedging and lifting windows

Advanced Analysis and interpretation of Oil Price Behavior

  • Overview of oil price behavior
  • Forward curve analysis for European Oil markets
  • Recap of key benchmarks
  • Technicals Analysis of oil futures benchmarks
  • Analysis techniques for Platts Physical market data
  • AV numbers and Pivot Points (CACT)
  • Key fundamental analysis factors and tools
  • News and information tools to aid timing of trading decisions

Analysis Scenarios
Application in case studies of Analysis Tools

MODULE 2: DAY 3


Crude Oil Markets and Instruments: Physical and Financial Trading

  • Forwards, swaps, exotic swaps (extendable, double-up), basis swaps, options, Asian options, EFPs
  • Refined Products Markets And Instruments: Physical and Financial Trading
  • Trading ‘crack spreads’, refineries as ‘derivatives’
  • Forwards, swaps, basis swaps, options, strips of options, Asian options, crack spread options

Weather, Freight And Emissions Markets - Their Impact On Oil Markets

  • Temperature measures: cooling degree days and heating degree days
  • Hybrid products based on weather and other underlying assets
  • Emissions markets
  • Freight routes and markets

Types of strategies and approaches

  • Strategy case studies: ICE Brent vs ICE WTI
  • Strategy case studies: Urals vs Brent
  • Strategy case studies: Brent vs Dubai

Hedging to Save Money
Strategy Workshop: End User, Producer, Utility, Physical trader scenarios

  • Case Study: Freight rate trading and hedging

Options & Risk Management Approaches

  • Using energy options: hedging & speculation
  • Review of option types
  • Understanding option payoffs, hedge financing risk management

MODULE 2: DAY 4

Reuters Trading Laboratory

  • Managing the Trading Emotions
  • Trader mindsets
  • Trading plans and removing the emotional factor
  • Taking a loss - Taking a profit
  • Communication skills
  • Market conspiracy - you versus the market

Trading Room Practicals & Scenario Based Trading Games

  • Each delegate will have a Reuters system set-up for the oil markets and will execute both OTC and futures market orders reacting to real-time scenarios presented using a PC Based trading simulation exercises

MODULE 2: DAY 5

Strategic and Tactical Issues Around Hedging with Energy Derivatives

  • Understanding operations and entity-wide objectives
  • Evaluating the impact of indication vs hedging. Payoffs under different scenarios
  • Evaluating the use of derivatives to control market risk and linking use toenity-wide and activity-level objectives (the risk matrix)
  • Defining risk management activities and terms
  • Designing Policies and Procedures Around Market Risk, Credit Risk And Operational Risks
  • Communicating and enforcing the policies

Risk Management

  • Understanding and interpreting ‘at-risk’ measures, VaR
  • Overview of methodologies: Analytic, Monte Carlo and historical simulation
  • Enchancing exposure reports with risk analysis

Stress Tests In Energy Markets

  • Stress tests as a complementary tool to VaR and other market risk measures

-    Case studies selecting appropriate Stress Tests for various scenarios 
-    Case studies working through possible stress tests for your organisation

  • Types of stress tests and main applications
  • Integrating liquidity, credit and operational risk in the formal risk management process

Value at Risk Measurement

  • Running of VAR risk simulation using online Value at Risk system. (Hyper-Rig and Aspect)
  • Case study to calculate operating the correct inputs and output parameters
  • Risk Report design and formats