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Lecture 4.2

Lecture 4.2

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Published by: Dhejo Anand on May 30, 2010
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09/18/2010

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CRICOS Provider No. 00126G copyright ©The University of Western Australia
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CRICOS Provider No. 00126G copyright ©The University of Western Australia
Topic 4, Lecture 2: Oil PricingTopic 4, Lecture 2: Oil Pricing
BL Oil & Gas History, Economics and Geopolitics OENA8433
Dr. Karin OerlemansDr. Karin Oerlemans
 
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Unit Overview
Topic 1: Introduction –The Founders
Topic 2: The Global Struggle
Topic 3: War and Strategy
Topic 4: Oil and Gas Economics
Lecture 1:
Fundamentals of Oil and Gas Economics
Lecture 2: 
Oil Pricing 
Lecture 3:
Natural Gas Markets & LNG pricing
Lecture 4: Government Revenues and taxation
Lecture 5: OPEC -Oligopoly & Oil Shocks
Topic 5: Oil and Gas Technology in context
Topic 6: The Energy Industry Today
CRICOS Provider No. 00126G copyright ©The University of Western Australia
3
 
Lecture Outcomes
Upon successful completion of this lecture you should be able to:
Describe how oil is priced
Describe some of the factors affecting crude oil pricing
Understand that prices of crude oilmarkers are affected bymanyfactorswhich can change over time
Comprehend that in order to provide adequate control forproducers and consumers and still allow the market to setprices both physical and financial markets are required
CRICOS Provider No. 00126G copyright ©The University of Western Australia
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Recommended Reading
Any text on Economics would be suitable:
Gwartney, J. D., Stroup, R. L. & Stobel, R. S. (2000).
Economics: Private and public choice 
. Fort Worth, Tx: Dryden Press.
Sloman, J. (2006).
Economics 
(6th edn.) Pearson Education.
Hannesson, R. (1998).
Petroleum Economics 
. Westport,Connecticut: Quorum Books.
http://www.turtletrader.com/beginners_report.pdf
http://www nymexcom/media/energyhedgepdf
CRICOS Provider No. 00126G copyright ©The University of Western Australia
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CRICOS Provider No. 00126G copyright ©The University of Western Australia
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Lecture Outline
Historical perspective
Crude Oil Pricing
Marker Crudes
Hotelling
Spot vs. Futures Price
How Spot Markets Work
How Futures Markets Work
Conclusions

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