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Energy Academy
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The Energy Academy is made up of 4 individually bookable modules
Energy Academy Module 1 – Crude Oil and Oil Products Trading (4 Days)
Energy Academy Module 2 – Petrochemicals, Biofuels and Alternate Fuels (1 Day)
Energy Academy Module 3 – Natural Gas and LNG Trading (3 Days)
Energy Academy Module 4 – Coal, Carbon and Electricity Trading (2 Days)
COURSE OVERVIEW
A foundation to intermediate level programme to provide participants with an introduction to commodity trading across the oil, gas, coal, electricity, and renewables markets. The course will provide insight into each of the energy commodities, their global supply and demand characteristics and how they are traded physically and with derivative financial instruments.
We will examine the role of risk management and hedging and best practices and strategies for the trading of energy commodities. In addition, the programme will cover the latest developments in the biofuel, petrochemical and renewable fuels and how they are changing strategies associated with traditional energy commodities. Each module will also show how differing energy commodities interact with each other and with other commodity groups
This is a highly interactive course with exercises designed to increase participant engagement and uses up to date material and many real-world examples. Each module of the course will feature trading simulations that allow participants to use the knowledge they have built to develop trading strategies in an interactive environment.
LEARNING OUTCOMES
- Delegates will gain an understanding of the fundamentals of energy commodities
- Delegates will be introduced to physical and derivative trading of energy commodities and how they are linked
- We will explore current market trends and likely future developments with the use of many up to date exercises and examples
- Delegates will discover how energy markets and other commodity markets are linked and how to use this knowledge to develop effective trading strategies
- Using our simulations delegates will have the opportunity to apply what they have learnt to practice trading energy commodities often simulating real historical tie periods and events.
WHO SHOULD ATTEND?
This course would be useful for those looking to increase their understanding of energy commodities and trading and risk management. It is particularly relevant to:
- Middle Office, Back Office and Operations staff in Energy Trading Companies
- Junior Traders
- Commodity Analysts
- Commodity Sales and Marketing Professionals
- Compliance and Regulatory Professionals who wish to understand the basics of trading
- Lawyers and Legal Professionals who wish to understand the basics of trading
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Day 1: Module 1 - Oil Trading
Crude Oil and the Basics of Physical Oil Trading:
- Trading Terminology
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Oil Exploration and Production
- Exploration commercial issues & risks
- ajor New Oil & Gas Development areas
- Physical Crude Oil
- OPEC and Non-OPEC Supply
- Crude Oil Demand
- Tight Oil
- Quality and Assays
- Pricing of Oil Methodologies
- Crude Oil Marker Grades
- Gross Product Worth
- Doing a Deal
Exercises include crude oil assays, gross product worth analysis and doing a deal
Day 2: Module 1 - Oil Trading
The Psychology of Trading and Derivative Instruments
- The Psychology of Decision Making For Traders
- Derivative Trading instruments in oil
- Forwards
- Futures Trading
- Futures Clearing
- Hedging
- Forward Curves
- OTC Derivatives
- Swaps
- OTC Clearing
- Options
- Introduction to styles of trading
- Flat Price Trading
Exercises include psychology and hedging exercises and the first of our trading simulations,
TRADING SIMULATION 1 - Trading Flat Price 1 Hour
Day 3: Module 1 - Oil Trading
Contracts, Compliance, Shipping and Arbitrage
- Physical Oil Contracts
- Shipping and Arbitrage
- Worldscale
- Physical and Financial Arbitrage
- Freight Forward markets
- General Principles for a Trading and Hedging Strategy
- Risk Profile, Risk Appetite and Market View
- Compliance Issues
- The Dodd Frank Act , MIFID II
- Front Office, Middle Office, Back Office
- Risk Measurement
- Technical Trading
- Spreads and Arbitrage Trading
- Exercises include technical trading and arbitrage exercises and a further trading simulations,
- TRADING SIMULATION 2 - Trading Time Spreads and Arbitrage 1.5 Hours
Day 4: Module 1 - Oil Trading
Oil Refining and Oil Products Markets
- Oil Refining
- Refinery configurations
- Variations in Yield: Configuration, Mode, Crude Type
- Refining margins & economics
- Refining Linear Programme
- The Oil Products Markets
- LPG
- Gasoline including blending exercise
- Kerosine
- Diesel
- Fuel Oil
- Oil Fundamentals
- Joining the Dots
- Introduction to styles of trading
- Spreads and Cracks Trading
Exercises include linear programming and blending exercises and a further trading simulation,
TRADING SIMULATION 3 - Trading Oil Products 1.5 Hours
Day 5: Module 2 – Petrochemicals and Alternative Transport Fuels
Petrochemicals
- The projected growth of petrochemicals and plastics to 2050 and its effect on mineral oil and gas supply and demand
- Basic Petrochemical Building Blocks
- How plastics and plastics resins are made and their uses
- How petrochemicals and resins are priced and traded and likely future developments
- The role of recycling and future developments
- Other petrochemicals; aromatics and alcohols
Alternate Transport Fuels
- The global bioethanol industry, how it works and compliments and competes with mineral oil gasoline
- Biodiesel, how is it made and the global trade
- Biofuels mandates and the role of RINS and carbon credits in transport fuels
- Renewable diesel and how it will effect traditional transport fuels markets in the future
- Hydrogen fuels and other alternative new technologie
- Electric vehicles, their growth and development
There will be a number of exercises and case studies accompanying this module
Day 6: Module 3 – Natural Gas Trading
Natural Gas Supply and Demand and market evolution
- What is natural gas and what its major constituents
- Traditional natural gas supply and demand
- North Sea
- Middle East
- Russia
- The growth of US Shale Gas and its global impact
- Pipeline gas supply and the short term markets
- Physical gas contracts
- Natural gas Fundamentals
- Natural Gas Storage
- How is natural gas priced ?
- How natural gas interacts with other energy commodities
Exercises including natural gas balancing and US pipeline supply
Day 7: Module 3 - Gas Trading
Forward gas trading and derivative instruments
- Derivative Trading instruments in natural gas
- Forwards
- Futures Trading
- Futures Clearing
- Hedging
- Swaps
- OTC Clearing
- Options
- Forward Curves
- Gas pricing hubs and their development
- Hedging Natural gas
- Current market developments
- Gas trading strategies
Exercises including hedging exercises and the first of our gas trading simulations,
TRADING SIMULATION 4 - Trading and hedging with gas derivative markets 2 Hours
Day 8: Module 3 - Gas Trading
- LNG and the Global Gas market
- What is LNG and how is it produced ?
- Global supply and demand and likely changes over the coming years
- LNG shipping
- LNG tolling and shipping contracts
- The evolution of LNG derivative markets
- Alternative uses of LNG (transportation fuels)
Exercises and worked examples and the second of our gas trading simulations,
TRADING SIMULATION 5 - Gas arbitrage using LNG and hedging 2 Hours
Day 9: Module 4 – Coal, Carbon and Electricity Trading
The Global Coal Market
- Different grades of coal and coke and their specifications
- Global supply and demand and likely changes over the coming years
- Coal shipping
- Physical coal contracts
- The evolution of coal derivative markets
- How coal interacts with other commodity markets
Emissions and Carbon Trading
- The Kyoto and Paris Agreements
- The Evolution of emissions trading
- The CDM mechanism
- Cap and trade trading schemes and how they work
- The European ETS
- Review of other ETS schemes globally and likely future development
- Carbon offsetting and the voluntary market
- How carbon interacts with other commodity markets
The day will be backed up with exercises and worked examples
Day 10: Module 4 – Coal, Carbon and Electricity Trading
Electricity and Power markets
- What is electricity and what is different about it compared to other commodities
- The electricity industry, types of power generation
- Traditional power generation fuels, their supply and demand and current and future developments
- Renewables their supply and demand and current and future developments
- Transmission and the global supply differences
- The wholesale and retail markets
- Merit order pricing models
- Electricity trading and electricity derivative markets
- How the electricity and power markets interact with other commodity markets
Accompanying exercises and worked examples and our electricity trading simulations,
TRADING SIMULATION 6 - Balancing electricity supply and speculative trading 2 Hours
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Our Tailored Learning Offering
Do you have five or more people interested in attending this course? Do you want to tailor it to meet your company’s exact requirements? If you’d like to do either of these, we can bring this course to your company’s office. You could even save up to 50% on the cost of sending delegates to a public course and dramatically increase your ROI.
If you want to run this course at a location convenient to you or if you want a completely customised learning solution, we can help.
We produce learning solutions that are completely unique to your business. We’ll guide you through the whole process, from the initial consultancy to evaluating the success of the full learning experience. Our learning specialists ensure you get the maximum return on your training investment.
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We have a combined experience of over 60 years providing learning solutions to the world’s major organisations and are privileged to have contributed to their success. We view our clients as partners and focus on understanding the needs of each organisation we work with to tailor learning solutions to specific requirements.
We are proud of our record of customer satisfaction. Here is why you should choose us to help you achieve your goals and accelerate your career:
- Quality – our clients consistently rate our performance ‘excellent’ or ‘outstanding’. Our average overall score awarded to us by our clients is nine out of ten.
- Track record – 10/10 of the world’s largest banks have chosen us as there training provider and we have delivered training across the largest banks and have trained over 25,000 professionals.
- Knowledge – our 100+ strong team of industry specialist trainers are world leading financial leaders and commentators, ensuring our knowledge base is second to none.
- Reliability – if we promise it, we deliver it. We have delivered over 25,000 events both in person and online, using simultaneous translation to delegates from over 99 countries.
- Recognition – we are accredited by the British Accreditation Council and the CPD Certification Service. In an independent review by Feefo we scored 4.2/5 on service and 4.7/5 on Coursecheck
Instructor
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Andy Mills
Biography
Andy has had a 30 year career as a trader and trading manager in energy commodities. His career commenced after University at BP, before moving through physical and derivative trading positions at Engen Petroleum and UBS in London. Andy joined RWE, the large German utility group in 1999, and helped construct a multi-million dollar energy trading business. He was initially responsible for oil trading but also took on responsibility for biofuels and LNG, then relatively new markets in terms of development. As a member of the senior management team at RWE, Andy was also fully involved in all major trading decisions on coal, gas and power. He also designed and was responsible for delivering RWE’s very successful trader training programme which ran for a number of years. Since leaving RWE in 2011, Andy worked as a hedge fund manager for Graham Capital LLP and at Oak Commodities, and as a consultant advising broking houses in new business streams specifically in physical LNG, refinery margins and hedging. He is now a partner at Commodity Risk Associates, an advisory firm working with major industrial and consumer goods companies in trading and risk management. As part of this role, Andy runs trading and execution for several of their clients across commodities, with a major exposure to oil, gas, petrochemicals, agricultural commodities, metals, renewable and power markets.
