Trading in oil futures and options is an introduction to price risk management in the worldwide oil industry. With numerous practical examples, it requires no prior knowledge and should be read by everyone involved in the industry.

Although aimed primarily at those new to risk management it will also provide a useful theoretical background to more experienced managers and it will show those in other markets how the oil industry uses futures and other derivatives.

This book concentrates on all the risk management tools available to everyone from crude oil producer to refined product consumer and explains the theory of futures, exchange options and over the counter trading.

• Front Cover 2
• Trading in Oil Futures and Options 5
• Copyright Page 6
• Table of Contents 7
• Preface 11
• Chapter 1. The development of the world oil industry 13
  • Origins of the modern oil industry 13
  • The major oil companies 14
  • The oil industry in the twentieth century 16
  • The oil price rises of the 1970s 19
  • Changing price structure 24
• Chapter 2. Oil refining 27
  • The refining process 27
  • Changing patterns of demand and consumption 31
  • The refining industry 34