Commercial and Trading Aspects of Oil Refining - London
The Commercial and Trading Aspects of Oil Refining course will provide you with in-depth knowledge of the refining business and an understanding of how trading/hedging can improve margins and reduce risk. Discover how to optimise refinery margins and manage the profitability of commercial refining.
Course dates
Attend this practical and interactive four-day training course and enhance your knowledge on the following key areas:
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Crude selection
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Physical oil markets, pricing mechanisms & price exposure
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Introduction to Brent
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Hedging instruments: Forward & futures
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Refinery products & processes
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Swaps
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Dated Brent and the BFO market & CFD's
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Trends & developments
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International product trade flows and transport
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Refinery margins & economics
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Management issues
Plus
Learn how to optimise refinery margins and manage the profitability of commercial refining. Everyone associated with refining should be profit focused. This Euromoney Energy Training course will provide in-depth knowledge of the refining business and an understanding of how trading/hedging can improve margins and reduce risk.
How this Commercial and Trading Aspects of Oil Refining course will help you
You will:
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Understand the refinery configurations and main processes
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Define refinery margins and learn about margin evolution and regional variation
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Examine refinery economics and assess refinery profitability and performance
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Develop skills in trading and hedging
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Trade refinery components and feedstocks
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Investigate refining in an environmentally conscious world
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Assess the future of refining
Briefing & Refining & Trading Simulation
An exciting and challenging team exercise run throughout the course, where participants trade and hedge refinery products. The key objective is to optimise margins and manage profitability in fluctuating market conditions.
Day 1
Overview
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Course content
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Evolution of oil demand
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Refinery location, capacity and utilisation
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Regional product consumption and product barrel
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Introduction to trading markets
Crude Selection
Physical Oil Markets, Pricing Mechanisms & Price Exposure
Introduction to Brent
Day 2
Briefing & Refining & Trading Simulation (Round 1)
Hedging Instruments - Forward & Futures
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Evolution of the market
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Crude oil forward markets
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Review of futures contracts & terminology
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Hedging example using futures
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Basis risk and forward curve
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Technical analysis
Briefing & Refining & Trading Simulation (Round 2)
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Crude hedging with futures/basis risk
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Hedging strategy and position management
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Refinery nominations (crude type and mode of operation)
Refinery Products & Processes
Swaps
Day 3
Briefing & Refining & Trading Simulation (Round 3)
Dated Brent and The BFO Market & CFD’s
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The Brent forward contract
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Brent lifting programme
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Linking of the 21 day and Dated Brent markets
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Contracts for difference/Brent CFD market
Trends & Developments
Briefing & Refining & Trading Simulation (Round 4)
International Product Trade Flows and Transport
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Differences between Products & Crude
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The main product markets
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Product price drivers
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Product price differentials
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Refining Balance
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Fundamentals of the various product markets
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Power market
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Bunker market
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Atmospheric residue market
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Importance of refining margins
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Freight
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Arbitrage & trade
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Role of traders/blenders
Day 4
Refinery Margins & Economics
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Regional margin mechanism
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Refinery margins & regional trends
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Drivers for margin maximisation
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Blending & giveaway
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Performance monitoring
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New project economics
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Capex project- lock-in economics
Case study: post refining & trading simulation
Simulation Results & Briefing for Team Presentations
Management Issues
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Control lessons learnt
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The major economic risks
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Controlling risks
Team’s Refining & Trading Strategy Presentations
Summarising Comments
Central London Hotel, London, United Kingdom
This programme takes place on a non-residential basis at a central London hotel. Non-residential course fees include training facilities, documentation, lunches and refreshements for the duration of the programme. Delegates are responsible for arranging their own accommodation, however, prior to the course the delegate will receive full Joining Instructions which will detail how to book accommodation close to the training venue. Alternatively delegates can visit www.euromoneytraining.com/accommodation to view a list of preferred hotels in Central London.
As with all Euromoney Training programmes on-site administrators will be with you at the beginning of the programme to ensure smooth administration and group interaction.
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David Richards
David Richards has over 30 years experience in the international oil and natural gas business with the BP Group. He gained a breadth of experience in senior management positions within the downstream marketing business in the UK, Europe and South Africa, involving Directorships in a number of BP subsidiaries.
Courses run by this instructor
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Trevor Christmas
Trevor Christmas has 30 years experience in the energy industry with BP, and more recently, with the IPE.
At BP, he held senior management positions in London, Asia and the Americas mainly in trading and downstream.
At the IPE, he was responsible for the Exchange's marketing services worldwide in oil, gas and electricity.
Courses run by this instructor
Interested in holding this course in-house? Please fill out your details and a member of our team will be in touch with more information.
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Course dates