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Author: Adi Imsirovic
Publisher: Springer Nature
ISBN: 3030717186
Category : Business & Economics
Languages : en
Pages : 262
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Book Description
This is a book about the international oil market. It takes a historical perspective on how the market emerged, developed, and became what it is today—the biggest commodity market in the world. It is mature and complex, but far from perfect. Throughout most of its 150-year history, the oil market has been monopolised by companies and governments. For only a fraction of that, oil traded in a relatively free market. As a result, we had to live with ‘big oil’, economic shocks, high oil prices, instability and wars. Using a simple concept of market power, this book will explain the meaning of ‘oil price’ and how it is established while offering a valuable lesson for other commodities. Market power is the key to understanding the ‘price of oil’. This book uses a simple concept of price-makers and price-takers to examine the evolution of oil markets, their structure, and prices. The early decades of the oil industry were competitive with low barriers to entry. Barely 25 years later, the Standard Oil company created a refining monopoly, buying oil at its own ‘posted’ price. In the following century, the cartel of major oil companies, helped by their governments, did the same at the international level. OPEC helped producing governments regain control of their own resources, but the organisation was never able to retain a similar level of control. After 1986 price collapse, OPEC abdicated the price-making function in favour of the market. While it never gave up attempts to influence prices, OPEC had to link their official prices to one of the global oil benchmarks. Modern international oil markets function because of oil benchmarks such as Brent, WTI and Dubai. This book showcases: • How oil traders played a prominent role in development of the industry • How policies of consuming nations helped oil cartels • Why and how the US price of oil was negative • How AI has changed the way markets operate and the way in which the markets are likely to change in future This book explores how oil markets grew, functioned, and have occasionally failed to do their job. The ecosystem of derivatives or ‘paper barrels’ trading in far greater volume than physical oil plays a very important role in mitigating risk. With this core tenant, setting the ‘price of oil’ is explained in detail.
Author: Adi Imsirovic
Publisher: Springer Nature
ISBN: 3030717186
Category : Business & Economics
Languages : en
Pages : 262
Get Book Here
Book Description
This is a book about the international oil market. It takes a historical perspective on how the market emerged, developed, and became what it is today—the biggest commodity market in the world. It is mature and complex, but far from perfect. Throughout most of its 150-year history, the oil market has been monopolised by companies and governments. For only a fraction of that, oil traded in a relatively free market. As a result, we had to live with ‘big oil’, economic shocks, high oil prices, instability and wars. Using a simple concept of market power, this book will explain the meaning of ‘oil price’ and how it is established while offering a valuable lesson for other commodities. Market power is the key to understanding the ‘price of oil’. This book uses a simple concept of price-makers and price-takers to examine the evolution of oil markets, their structure, and prices. The early decades of the oil industry were competitive with low barriers to entry. Barely 25 years later, the Standard Oil company created a refining monopoly, buying oil at its own ‘posted’ price. In the following century, the cartel of major oil companies, helped by their governments, did the same at the international level. OPEC helped producing governments regain control of their own resources, but the organisation was never able to retain a similar level of control. After 1986 price collapse, OPEC abdicated the price-making function in favour of the market. While it never gave up attempts to influence prices, OPEC had to link their official prices to one of the global oil benchmarks. Modern international oil markets function because of oil benchmarks such as Brent, WTI and Dubai. This book showcases: • How oil traders played a prominent role in development of the industry • How policies of consuming nations helped oil cartels • Why and how the US price of oil was negative • How AI has changed the way markets operate and the way in which the markets are likely to change in future This book explores how oil markets grew, functioned, and have occasionally failed to do their job. The ecosystem of derivatives or ‘paper barrels’ trading in far greater volume than physical oil plays a very important role in mitigating risk. With this core tenant, setting the ‘price of oil’ is explained in detail.
Author: David Long
Publisher: Elsevier
ISBN: 185573852X
Category : Business & Economics
Languages : en
Pages : 1001
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Book Description
The Oil Trading Manual (OTM) provides a unique and comprehensive reference source to the latest developments in the structure and conduct of the international oil markets including: - Physical characteristics and refining - Oil pricing arrangements - Physical oil markets - Forward and futures contracts - Options and swaps - Operations and logistics - Accounting and taxation - Controlling financial risk - Legal and regulatory controlOTM provides a unique and comprehensive reference source to the structure and conduct of the international oil markets. The manual covers all the major oil trading instruments and their applications; the trading centres, contracts, uses and users of both the physical and the terminal oil markets, and their administrative, management, tax, and accounting implications. It also includes vital information on changes to the international legal and regulatory structures. The manual is divided into three complementary parts; Characteristics An introduction to oil and oil trading, and includes material on the nature of oil as a commodity, refinery processes and the different ways in which oil is priced. Instruments and markets Deals with the oil market itself taking each segment in turn, explaining how the various trading instruments work and describing the markets that have evolved to trade them. It starts with the physical oil markets, moving on to forward and futures markets, followed by options and swaps. Administration Covers the essential 'back-room' activities without which oil trading could not continue. It includes practical material on operations and logistics, credit control, accounting, taxation, contracts and regulation, and controlling financial risk, providing a unique guide to the subject. Compiled from the contributions of a range of internationally respected professionals, it is the indispensable practical companion for all those involved with trading in this complex commodity. Revised and updated 2003
Author: Chris Termeer
Publisher: Chris Termeer
ISBN: 098904341X
Category : Juvenile Nonfiction
Languages : en
Pages : 321
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Book Description
The intent of this book is to educate the reader about the vast complexities of the oil and gas industry and to motivate involvement in domestic oil and gas development, production and refinement. Explains the industry in non-technical language for an average person.
Author: Hossein Razavi
Publisher: Praeger
ISBN:
Category : Business & Economics
Languages : en
Pages : 238
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Book Description
Until as recently as the late 1970s, the main channel for oil distribution was the integrated system of the major oil companies, while the volume of spot trading was limited to roughly 5 percent of the total oil trade. Today, spot and spot-related deals account for 80 to 85 percent of internationally traded petroleum, and have ushered in a new era of petroleum trading. In this work, Hossein Razavi and Fereidun Fesharaki offer a detailed study of the workings and issues surrounding today's oil trading market as they apply to all parties involved in the production, distribution, and consumption of petroleum. They provide a complete description of petroleum spot markets, futures, and options trading, and their interlinkages with contract sales. Razavi and Fesharaki cover a wide range of topics, and challenge the generally accepted view that spot and futures trading have wrested the power of price setting away from OPEC. They claim that prices are still determined by supply, which OPEC continues to influence. The book is divided into four sections, beginning with an overview of recent developments in spot, futures, and contract trading. Section two provides an analysis of spot and spot-related deals, while the third section describes the mechanics, organization, and evolution of petroleum futures markets and options trading. The work concludes with an in-depth section on interlinkages, examining the interactions among various segments of the market, including spot and futures trading, petroleum stock building, and OPEC. This book will be a valuable resource tool for libraries as well as a wide range of users, from oil industry professionals and financial analysts to students of energy-related topics.
Author: Mohamed A. Fahim
Publisher: Elsevier
ISBN: 0080931561
Category : Technology & Engineering
Languages : en
Pages : 513
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Book Description
Fundamentals of Petroleum Refining presents the fundamentals of thermodynamics and kinetics, and it explains the scientific background essential for understanding refinery operations. The text also provides a detailed introduction to refinery engineering topics, ranging from the basic principles and unit operations to overall refinery economics. The book covers important topics, such as clean fuels, gasification, biofuels, and environmental impact of refining, which are not commonly discussed in most refinery textbooks. Throughout the source, problem sets and examples are given to help the reader practice and apply the fundamental principles of refining. Chapters 1-10 can be used as core materials for teaching undergraduate courses. The first two chapters present an introduction to the petroleum refining industry and then focus on feedstocks and products. Thermophysical properties of crude oils and petroleum fractions, including processes of atmospheric and vacuum distillations, are discussed in Chapters 3 and 4. Conversion processes, product blending, and alkylation are covered in chapters 5-10. The remaining chapters discuss hydrogen production, clean fuel production, refining economics and safety, acid gas treatment and removal, and methods for environmental and effluent treatments. This source can serve both professionals and students (on undergraduate and graduate levels) of Chemical and Petroleum Engineering, Chemistry, and Chemical Technology. Beginners in the engineering field, specifically in the oil and gas industry, may also find this book invaluable. - Provides balanced coverage of fundamental and operational topics - Includes spreadsheets and process simulators for showing trends and simulation case studies - Relates processing to planning and management to give an integrated picture of refining
Author: Denys Hickey
Publisher: Globe Law and Business Limited
ISBN: 9781911078036
Category : Commodity exchanges
Languages : en
Pages : 0
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Book Description
This new guide to oil and gas trading aims to fill a gap not currently supplied by other reference books on sale-of-goods law and charters by focusing on the day-to-day realities of trading in the sector. It examines the way in which the oil and gas market operates in practice, taking note of real-life situations that can arise.
Author: Morgan Downey
Publisher: WOODEN TABLE PressLLC
ISBN: 9780982039205
Category : Petroleum as fuel
Languages : en
Pages : 0
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Book Description
"Since 1859, oil has enabled and defined our economic, social and political landscape. Throughout this time, abundant supply ensured low, stable prices and the inner workings of the oil industry remained relatively obscure. Following a century and a half of relative calm, oil prices have become much more volatile as the sustainability and growth of reliable supply sources have been brought into question. This book provides a guide to oil; from its history, to sources of supply and drivers of demand; from how prices are determined daily in global wholesale oil markets, to how those markets are connected to prices at the pump." -- Book jacket.
Author: Owain Johnson
Publisher: Routledge
ISBN: 1000539458
Category : Business & Economics
Languages : en
Pages : 269
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Book Description
The day-to-day world of crude oil traders is not usually open to outsiders. Few non-specialists appreciate how oil traders approach the markets, what their backgrounds are and how they make money. This book brings the oil trading world to vivid life by introducing the reader to 40 real-life trades or strategies that were carried out by named market participants. The 40 chapters cover different geographies and different crude oil markets, providing an unparalleled insight into how crude oil traders work and think. Oil trading developed in its current form in the 1980s and the chapters cover these early beginnings through to the present day. The trades have been grouped in sections that relate to the nature of each trade and its broader use as an example of a successful trading style. Sections cover approaches to arbitrage trading; the impact of geopolitics; logistics and storage plays; short-term versus longer term trading; managing new crude oil grades; trading crude oil derivatives. The book provides plenty of inspiration for current or prospective crude oil traders or analysts. It will also be valuable for academic researchers, business school case studies, and for anyone wanting to learn more about the individuals that shape the world’s most important commodity market.
Author: Steven Errera
Publisher: Pennwell Books
ISBN: 9780878148363
Category : Commodity futures
Languages : en
Pages : 0
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Book Description
In today's changing political and economic environment, it is increasingly important that companies learn to properly use the various trading instruments to protect themselves against price volatility. Since the first successful energy futures contract was introduced almost a quarter century ago, trading in energy futures and options has played an important role in hedging against fluctuations in the price of petroleum products, crude oil, natural gas, propane, electricity, and most recently, coal. In this 2nd edition of their best-selling primer, authors Errera and Brown explain how exchange traded futures and options markets work, and how companies can successfully use the markets in their overall strategy to increase profitability. They cover everything from market mechanics, hedging, spread trading, and technical trading to history and growth of the markets. Also included is an extensive appendix detailing contract specifications for 13 energy futures/options contracts. BONUS: A summary of the rules of the most active energy futures and options contracts is included!
Author: Stefan Van Woenzel
Publisher:
ISBN: 9781468586046
Category : Business & Economics
Languages : en
Pages : 560
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Book Description
Physical oil trading is a worldwide activity containing a lot of oil business terms. Traders talk about time value, contango, backwardation, refinery activity, credit, logistics, HSE and much more, hence the size of this book. An oil trader generates billions of dollars cash flow per year, so he must be able to understand the meaning of the trading language and communicate in the correct way. But you might have a job which is related to that activity, and therefore it is important to understand the discussions, as you may be linked to that cash flow. The book is therefore a great working tool for all people being related to the commercial side of oil activity. A useful book for oil companies, but also for banks, shipping agents, refineries, marketers, brokers, inspectors, storage companies, expeditors, and many more with an interest in the oil industry. The book includes popular trading expressions and conversion tables related to oil trading.
