In-Person: ICE OIL TRADER ACADEMY

PROGRAMME. MODULE 1.

Physical Crude Oil & Products Trading
 ICE Education Europe, London, UK
22 - 26 January 2024

DAY 1. FUNDAMENTALS OF OIL AND GAS

Demand in the oil industry

• Demand drivers
• Changes and developments

Supply in the oil market

• Natural resources
• Unconventional supply
• Shale revolution

Oil refining

• Necessary link in the industry 
• Types of refineries 
• Economic challenges 

A WORD ON OPEC

DAY 2. OVERVIEW OF TRADING

• Spot / Term / Forwards / Futures
• FOB vs CIF 

Trading crude oil

•  Choices in the industry
•  Who we are defines how we trade

Risk in oil trading

• Contracts to manage risk
• Clauses and their value

Benchmarks and pricing

• Contango and backwardation
• The value of the differential

DAY 3. SHIPPING

Overview of the shipping industry

• Vessel sizes and trading choices
• Vessel acceptability
• Costs and ownership

Charterparty types

• Spot / Single Voyage
• Term charter

WORLDSCALE AND FREIGHT CALCULATIONS

DAY 4. CRUDE OIL PRICING AND MOVING OIL FROM A TO B

Crude oil pricing and moving oil from A to B

• The Brent complex
• Brent price relationships

Managing price risk in crude trading

• Understanding exposure
• Using futures
• Swaps (CFD's)
• Making a price in crude oil trading

DAY 5 

Products trading

• Differences between crude and products trading
• Refining as a source of product
• Quality issues in a product markets

Price creation in a product markets

• Trading the arbitrage
• Locational value
• Understanding import and export parity

Making prices in a product markets

• Crack values

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