Daniel Carr, Oil Consultant together with Sally Clubley and to the end of 2017, designed and ran the energy trading module for Warwick University Business School in England. At that time he was the European Representative of the HKMEx and for thirteen years was Vice President International Affairs of the New York Mercantile Exchange. This followed working as a director of ED&F Man’s oil broking business in London and New York. Previously Daniel was a director and oil trader, for crude and refined products for Mabanaft in London. For many years Daniel has run, internationally, courses and modules on oil trading and price risk management. Daniel was a founding director of the International Petroleum Exchange (now ICE).
Sally Clubley, Oil Consultant, is the managing partner of Arktauros, a consultancy company specialising in price risk management in the energy industries. She was also part of Invincible’s core faculty and has presented numerous modules on the topics of trading and risk management in oil, gas and power all over the world and went on to do so for IHRDC for several years. She is the author of Trading in Oil Futures and Options and has contributed to various books and journals in the energy and derivatives fields. Previously she managed the oil futures and options desk at ED&F Man International, a major London broker and was on the board of the International Petroleum Exchange (now ICE). She has also worked as a journalist in the chemical industry.
Background and introduction to oil trading – highlighting the differences between fuel oil and marine diesel
Mechanics of trading – including freight, chartering and legal contracts
Price exposure – how to identify it, the difference between supply and price exposure
Hedging – how to manage the price risks identified using futures and swaps
Clearing function and regulation
International price reporting
The workshop will include case studies and real-life examples of how the new risks can be managed and monitored.
Who Should Attend
The workshop is designed for the buyers of shipping fuels, those new to the shipping industry and those in the middle and back office operation functions. The refiners or sellers of fuels to the shipping market need to understand the major changes that their customers are facing.
Why You Should Attend
Understanding the mechanisms of market pricing, oil trading and price risk management is essential for those who need to purchase and sell oil, especially in relation to how the markets work, how to adapt to changing market conditions and deal with price uncertainty.
Write a contract for the purchase and sale of crude oil and refined products
Identify price exposure and how to hedge it
Use swaps and futures to practice basic hedging techniques
Trade future and swaps
Negotiate cost and compare physical and paper deals
Calculate the freight and the costs
Identify and manage the risks in physical oil trading
Compare and calculate the profitability of deals
Identify corporate and legal issues in physical and paper deals
"Very close to reality of oil trading. Lecturers are former traders so they know their subject very well"
"Practical examples helped to understand paper and physical trade very well. Course directors are experienced and have good presentation
"It covers basics to understand complex markets"
"Course was interactive and lecturers are good and experienced"
"Course directors are devoted, enthusiastic, knowledgeable, and experienced"
“Lessons are easy to digest. They start with basics and progress to complex modules.”
“This course’s strength is very detailed explanation with outstanding case studies.”