By Tom James
Cost possibility administration and buying and selling. power possibility administration specialist, Tom James, does it back. His newest booklet is a well timed addition to the quickly constructing power buying and selling markets. This ebook will be on each power dealer, probability supervisor and company planer's table. it truly is a simple learn as Tom is going into nice element to provide an explanation for the intricacies of this marketplace and its a variety of special parts. - Peter C. Fusaro, Chairman, international swap affiliates Inc., Best-selling writer and effort specialist This good and sensible advisor is key for these looking an realizing of trade in strength derivatives. past in basic terms informative, this hand publication for the practitioner information the finer issues of using derivatives as instruments for price-risk administration. No strength buying and selling table could be with out it. - Ethan L. Cohen, Senior Director, software and effort know-how, UtiliPoint overseas Inc. power markets are even more risky than different commodity markets, so possibility mitigation is extra of a priority. strength costs, for instance, could be suffering from climate, geopo9litical turmoil, adjustments in tax and felony structures, OPEC judgements, research' stories, transportation concerns, and provide and insist - to call quite a few components. Tom James's e-book is a pragmatic consultant to assessing and coping with those dangers. it's a must-read for senior administration in addition to threat and fiscal professionals.- Don Stowers, Editor, Oil & gasoline monetary magazine This e-book is the main finished on fee probability management-centric efforts. It presents the reader with a tangible event of derivatives in state-of-the-art capital and effort markets. The breadth and scope of the passages are big, in that either constructed and constructing international locations' power markets are thought of and examples utilized. outstanding learn! - Rashpal Bhatti, advertising and marketing supervisor, power buying and selling Asia, Enron/BHP Billiton Tom James has simplified the intricacies of a really advanced marketplace. during this new industry of "hot" commodities, he has been capable of supply a clean direction to those that are new to the strength markets and an outstanding evaluation for those who are good professional. he covers every little thing in the oil industry from A to Z during this e-book and does it good. Coming from a monetary history myself, you have to ultimately discover a booklet which may deliver a greater knowing to the sector of strength commodities. - Carl Larry, vp Citi strength worldwide Commodities
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Extra info for Energy Markets: Price Risk Management and Trading
When executing the deal, the counterparties agree on the fixed price for that day, and on which floating price reference they will use to calculate the settlement. 00 (only the difference is exchanged, NOT the principal notional amount) 33 Differential swap A differential swap is similar to a plain-vanilla swap except that instead of having one fixed price against a floating price, it is based on the difference between a fixed price in two products. In the oil sector, the most popular differential swap is the jet kero against gasoil, commonly termed the “regrade” swap.
On average, the ICE Brent or NYMEX WTI futures usually trade in clip sizes of 100 lots, or 100,000 barrels. EFPs can involve deliveries to points other than those specified in the underlying futures contracts, and/or different energy commodities, and/or different delivery periods, while transaction prices can be negotiated between parties to the EFPs. These negotiated prices can reflect differentials based on quality, location and timing, including transportation and quality differentials between the two products and delivery points.
S. dollars and cents per ton. 50 per ton A minimum of five strike prices are listed for each contract month; one nearest to the previous business day’s official settlement price for that month, two (or more) above and two (or more) below that price. During any trading day the exchange may add one or more strike prices nearest to the last price listed. S. cents per ton Maximum daily price fluctuation Unlimited Daily margin All open contracts are marked-to-market daily. Option premium Due to futures-style margining, option premiums are not paid/received at the time of the transaction.