4 day course

in association with

International Oil Trading

Course
Directors
David Richards &
Trevor Christmas

Attend this practical and interactive four-day training

course and enhance your knowledge on the following
key areas:
London

 Supply and demand: Fundamentals and implications

 Crude evaluation and selection
 Physical markets, pricing & price exposure
 An introduction to brent
 Oil trading and jargon
 Hedging instruments: Forward & futures
 Oil refining
 Swaps
 International product trade flows and transport
 Trading: Options and risk management strategies
 Dated Brent and the 21 Day BFO market & CFD’s
 Market reporting and price assessment
 ICE
 Management issues
Plus: A refining & trading simulation
All our courses
are available
in-house.

Date 1: 22–25 June 2010

Date 2: 30 Nov– 3 Dec 2010
Venue: Central London

5 easy ways to register 1. Web

or to make an enquiry
www.euromoneytraining.com/ENERGY
3. Telephone
+44 (0)207 779 8543
5. By post
Euromoney Training EMEA, Nestor
2. Email 4. Facsimile House, Playhouse Yard, London
EC4V 5EX, UK
emea@euromoneytraining.com +44 (0)207 779 8140
Agenda
course overview
You will learn to use trading and
hedging to profit from and protect
against oil market movements.
Setting the scene for oil trading, this
Euromoney Energy Training course
examines markets, pricing and
products to provide participants with a
thorough overview of the sector. This
course will explore mechanisms and
tools for both physical and financial oil
trading allowing unparalleled access to
the world of trading, its role within the
oil industry and its importance in the
success of oil companies.
Participants will leave this course with
a thorough understanding of the
workings of crude oil markets and the
range of contracts, tools and
techniques available to traders.
how this course will
help you
Course participants 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 & hedging
exercises and improve negotiation
skills
© Copyright Euromoney Energy Training 2009
Biographies
5 easy ways to register
or to make an enquiry
International Oil Trading
Day 1 Day 2
09.00 Registration and welcome coffee
 Refining & Trading Simulation (Round 1)
– General introduction
 General Introduction – Physical (wet) crude trading
– Administration and delegate introduction – GPW and best crude
– Course overview
 Supply and Demand Fundamentals and Implications  Hedging Instruments - Forward & Futures
– Evolution of oil demand and supply – Evolution of the market
– Current oil reserves and production – Crude oil forward markets
– Oil supply/demand and implications for trade – Crude forward contracts
– Spread trading
 Crude Evaluation and Selection – Review of futures contracts & terminology
– Crude classification and assay – Role of ICE/Nymex
– Gross Product Worth – Hedging example using futures
– Worldscale (freight costs) – Basis risk and forward curve
– Net margin and crude selection
 Briefing Refining & Trading Simulation (Round 2)
 Physical Markets, Pricing & Price Exposure – Crude hedging with futures/basic risk
– Physical oil markets – Hedging strategy and position management
– Pricing mechanisms – Refinery nominations (crude typeand mode of operation)
– Pricing exposure/keeping an exposure book
 Oil Refining
 Introduction to Brent – Crude supply, refineries & finished product
– Introduction to the terms – Refiners change product mix
– Role as a benchmark – Supply, demand & alternative fuels
– Why Brent? – Emissions & product quality
– Refinery margins & investment
 Introduction to Oil Trading and Jargon
– Reading the market  Swaps
– Fundamental analysis – Swaps terminology and principles
– Technical analysis – Examples of crude oil and product swaps
– Swaps settlement and pay-out
Course Directors Expert Faculty Members
David Richards has over 30 years experience in the Ian Duckels worked with Shell and BP in Refining, Distribution
international oil and natural gas business with the BP Group. He
gained a breadth of experience in senior management
and Strategic Planning in the UK, South Africa and the Benelux
countries and managed BP's Refining and Commercial
positions within the downstream marketing business in the UK, Operations in Rotterdam. Ian works in energy project
Europe and South Africa, involving Directorships in a number development related to oil, power and alternative fuels.
of BP subsidiaries.
Trevor Christmas has 30 years experience in the energy
industry with BP, and more recently, with the IPE. At BP, he held
senior management positions in London, Asia and the Americas
mainly in trading and downstream. At the IPE, he was
responsible for the Exchange's marketing services worldwide in
oil, gas and electricity.
1. Web
www.euromoneytraining.com/ENERGY
3. Telephone
+44 (0)207 779 8543
5. By post
Euromoney Training EMEA, Nestor
2. Email 4. Facsimile House, Playhouse Yard, London
EC4V 5EX, UK
emea@euromoneytraining.com +44 (0)207 779 8140
 London

Day 3 Day 4 about us

Euromoney Training EMEA is a
division of Euromoney Institutional
Investor Plc, a leading provider of
Business-to-Business financial
 Refining & Trading Simulation (Round 3)  Dated Brent and The 21 Day BFO Market & CFD’s information worldwide.
– Gas oil futures and mogas swaps – The Brent forward contract We deliver over 500 financial training
– Developing a trading strategy – Brent lifting programme courses publicly in Europe, Middle
East & Africa. Please visit our website
– Linking of the 21 day BFO & Dated Brent markets for the latest information on these:
 International Product Trade Flows and Transport – Contracts for difference/ Brent CFD market www.euromoneytraining.com/Energy
– Differences between products & crude customer service
– The main product markets  Market Reporting and Price Assessment If you would like to enquire about a
course or you are not sure which
– Product price drivers – What is Platts? training course is best for your level
– Product price differentials – Market needs of experience and current job
– Refining balance – Scope of crude and product reporting requirements please contact our
customer services adviser on
– Fundamentals of the various product markets – Price assessments and confirmation Tel: +44 207 779 8543
– Power market customised financial
– Bunker market  ICE training for you
– Atmospheric residue market – Role of ICE If you cannot find the training you
– Importance of refining margins require at a suitable time or place, we
– Function, organisation and regulatory structure can also provide you with the
– Freight – Contracts and operational procedures opportunity to:
– Arbitrage & trade – Market uses & users • co-host a public course in your
– Role of traders/blenders – Exchange of physicals for futures (EFP’s) country - choose the subject,
location, level and the timing
– Exchange of futures for swaps (EFS’s)
 Refining & Trading Simulation Briefing (Round 4) • have a course delivered in-house
that is customised to the
 Simulation Results requirements of your staff & clients
 Refining &Trading Simulation(Round 4) at a location of your choice.
If you would like to discuss the
– Margin management strategies  Management Issues possibility of co-hosting a public
– Arbitrage – Control lessons learnt course in your country or having an
in-house course delivered for your
– The major economic risks staff, please contact:
 Trading: Options and Risk Management Strategies – Controlling risks
Anna Jakimova
– Options: Terminology and examples Director
– Options pricing Tel: +44 207 779 8085
– Risk management exercise E: emea@euromoneytraining.com

hotel booking
If you require assistance with booking
accommodation for one of our
courses, please contact our logistics
team on:
+44 207 779 8543 or email
emea@euromoneytraining.com
indicating the course you will
be attending.

John Fry, is Training Delivery Manager at ICE Education Ltd,
part of ICE Futures. John joined ICE in February 2005. Prior to
this John worked as a futures and options broker for MAN
International from 1986 to 1997. He became a marketer of
energy derivatives for Koch Petroleum Group in 1997 and
joined Barclays Capital in 1999 where he serviced customers
mainly in the refinery and utility sectors.
Jorge Montepeque holds the Global
Director of Market Reports position at Platts and resides in
London. He is responsible for all major methodology decisions
concerning Platts' assessments in all commodity markets. He has
been driving several major changes in key benchmarks such as
Dated Brent to ensure the long term continuity and health of
key indices. Previously, Jorge managed Platts Asian operations
and has also managed crude oil and petrochemical units for
Platts. He has a Masters degree in Economics from Hunter
College. He worked for Petroleos de Venezuela and Petroleum
Industry Research Associates as a market analyst .

5 easy ways to register 1. Web

www.euromoneytraining.com/ENERGY
3. Telephone
+44 (0)207 779 8543
5. By post
Euromoney Training EMEA, Nestor
or to make an enquiry 2. Email 4. Facsimile House, Playhouse Yard, London
EC4V 5EX, UK
emea@euromoneytraining.com +44 (0)207 779 8140

venue
All of our non-residential
training courses are held in
4 – 5 star venues throughout
central London. The training
venues are selected by both
their location and training
and refreshment facilities,
this ensures that you will
only learn in comfortable
and convenient environments.
Due to the variation of
delegate numbers,
confirmation of the venue,
full address and details of
how to get there can only be
sent to you approximately
three weeks prior to the
course start.
Registration form
Yes, please register me for International Oil Trading - London, UK,
 EET147, 22–25 June 2010, Central London
 EET151, 30 November – 3 December 2010, Central London
Delegate details
Surname
First name
Position
Company
Address
Telephone
Email
I have read and understood the booking terms and conditions
Signature
Sponsor details we wish to register
Surname
First name
Disclaimer
Euromoney Training reserves the right to
change or cancel any part of its published
programme due to unforeseen circumstances.
A division of
Euromoney Institutional Investor PLC
Registered Office:
Euromoney Training
Nestor House, Playhouse Yard
London EC4V 5EX, United Kingdom
Registration No. 954730 England
4 easy ways
to register
Please quote reference
EET147–WEB or EET151–WEB
1. Web
www.euromoneyenergytraining.com
2. Email
energy@euromoneytraining.com
3. Telephone
+44 (0)207 779 8601
4. Facsimile
+44 (0)207 779 8599
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Fax
Date
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4 day course
International Oil Trading
22–25 June 2010
London, UK
Attend this practical and interactive four-day training course and
enhance your knowledge on the following key areas:
 Supply and demand: Fundamentals and implications
 Crude evaluation and selection
 Physical markets, pricing & price exposure
 An introduction to brent
 Oil trading and jargon
 Hedging instruments: Forward & futures
 Oil refining
 Swaps
 International product trade flows and transport
 Trading: Options and risk management strategies
 Dated Brent and the 21 Day BFO market & CFD’s
 Market reporting and price assessment
 ICE
 Management issues
Fees £3,650 (+ local VAT)
*Group discounts available.
Fees Include
Mr/Mrs/Ms Tuition documentation, lunch and refreshments.
Delegates are responsible for their own accommodation.
An invoice will be sent upon receipt of registration form.
Please note, payment must be received prior to course start.
Payment details (please tick as appropriate)
 VAT exempt EU no.
 cheque  invoice
To pay by credit card, please register online by visiting our secure website
www.euromoneyenergytraining.com or contact our team on +44 (0) 207 779 8609
Mr/Mrs/Ms Position Department
Signature Date
Cancellation policy VAT
Cancellation or transfer requests must be The type of supply provided by
made in writing (letter or fax) and reach Euromoney Training is that of a delegate
this office 20 working days before the course space. Under the EU 6th Directive, Article recommend this
commencement date. A full refund less a 9.2 c, the place of supply of this type of
£100 administration fee will be given. service is where they are physically carried course to a
Delegates who cancel less than 20 days before out. Since, the events are held in the UK,
the course commencement date, or who do the place of supply is the UK and therefore colleague and
not attend, are liable to pay the full course fee UK VAT has to be charged at 17.5%. A VAT
and no refunds will granted.If you wish reclaim form will be provided upon request. ensure they too
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