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Understanding Oil Markets Energy Masterclass
1. Introduction: The Oil Value Chain and Market Fundamentals
Set the foundation by outlining how crude oil flows from production to end consumption and how physical constraints influence pricing and trade dynamics.
Key topics:
- Overview of the oil value chain segments
- Physical vs. financial oil markets
- Key market benchmarks (Brent, WTI, Dubai) and their roles
- Interplay between supply-demand balances and price formation
2. Refining Economics
Examine how crude oil is transformed into marketable products and how refinery configuration and market conditions influence profitability and crude valuation.
Key topics:
- Crude oil qualities (light/heavy, sweet/sour)
- Main refined products demand drivers
- Refinery configurations and key processes
- Refining margins and crack spreads
- Basics of crude valuation and pricing differentials
- Refinery investment outlook: How the Strait of Hormuz crisis is reshaping the future of African refining
3. Oil Trading and Price Formation
Explore why oil is traded, how trading supports market efficiency, and how price benchmarks are established and maintained.
Key topics:
- Purpose of trading: optimization, arbitrage, risk management
- Physical vs. financial markets
- Role of traders and market participants
- Platts Market on Close (MOC) and price assessment process
4. Wrap-Up and Q&A
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