Crude Oil Trading & Price Risk Management provides the knowledge and understanding of the workings of the world of crude oil trading and introduce the complicated concept of hedging, to identify price risk and learn how to manage that risk through the different financial instruments available.

1. Supported By
Your Key To Maximize Trading Profits and Manage Risk Effectively in Volatile Market
29 February—4 March 2016
Singapore
CRUDEOILTRADING&
PRICERISKMANAGEMENT
PETROSYNC’S ACCOUNTING & FINANCE SERIES
7 March—11 March 2016
Kuala Lumpur, Malaysia

2. 2
Our Crude Oil Trading & Price Risk Management provides the knowledge and understanding of
the workings of the world of crude oil trading and introduce the complicated concept of
hedging, to identify price risk and learn how to manage that risk through the different
financial instruments available.
How Does This Course Benefits You?
PetroSync Quality Assurance
All PetroSync courses are developed with top quality to
address all your training needs and purposes. Our courses
are vetted strictly to ensure that we always deliver the best
courses with the best industry expert.
Learn various trading techniques and methods in crude oil trading
Understand the crude oil trading market and different benchmarks to trade products in oil &
gas market successfully
Analyse the market performance in oil & gas investment
Attain the skills in evaluating the market performance and their future outlook in order to
trade in safer environment.
Identify crude oil market risk
Learn the methodologies to identify market risk and the way to control them effectively by
applying practical strategies and technical analysis to mitigate risk factors
Leverage on energy derivatives
Leverage on energy derivatives to hedge oil prices and risk exposure
PetroSync Inhouse Solutions
PetroSync can tailor our courses to meet your specific
needs at your preferred location and schedule. Contact us
for more information at +65 6415 4500 or email to general
@petrosync.com
Having seen oil prices fall from $110 per barrel to under $40 per barrel, the
importance of price risk management in oil trading has never been greater.
The high volatility of oil prices has increased price risk since 2008/ 2009. In
order to survive and thrive in this volatile market, hedging plays an ever
increasingly important role in crude oil trading. There are many different
varieties and grades of crude oil and benchmarks being used as reference
price for sellers and buyers of crude oil. It is important to know and recognize
which one you should be using. Concept of hedging is crucial to identify price
risk and reduce price risk associated with trading.
general@petrosync.com | +65 6451 4500 | www.petrosync.com
Course Overview
Course Design
This course is designed to give delegates an introduction to crude oil trading in a safe
environment and to guide delegates through the complicated concept of hedging, allowing
them to analyse and mitigate risk in crude oil market.
Includes Specific and Practical Case Studies
Participants will be guided through a combination of lecture, syndicate work, case studies and
trading game to sharpen their ability to manage price risk and crude oil trading in this volatile
market.
ACCOUNTING & FINANCE | CRUDE OIL TRADING & PRICE RISK MANAGEMENT

3. 3
PetroSync Distinguished Instructor
Who Needs This Program
Practical & Consulting
David has over 20 years of financial experience in petroleum
industry. He was Managing Director of IPE Training Ltd and
established it into a worldwide provider of quality energy
training courses. He set up Ridgeway Energy Consultancy Ltd.
(REC) and has been involved in a number of international
projects, covering energy trading and risk management, OTC
clearing on commodities, strategy and business organizational
issues.
Training
Has lectured on energy topics across Europe, Russia,
Kazakhstan, Dubai, Singapore, China and USA.
Publication
He is the author of “An Investor’s Guide to Traded Options” and
“ Mastering Exchange Traded Equity Derivatives”
Partial Client List
CNPC. UNIPEC, BP, JOGMEC
David Ford
Managing Director
Ridgeway Energy
Consultancy Ltd
This course is designed for professionals who wish to enhance their knowledge in crude oil
trading market and, including:
Job Titles Include:
Trading Managers
Energy, Oil & Gas, Commodity
Traders
Portfolio & Planning Managers
Oil & Gas Equity Analysts
Risk Consultant
XXX
Risk Managers/Credit Risk Analysts
Energy Trading Firms
Financial, Business & Commercial
Analysts
Oil & Gas Financial Consultants
Oil & Gas Executives in Banking &
Corporate Finance
PetroSync Inhouse Solutions
PetroSync can tailor our courses to meet your specific
needs at your preferred location and schedule. Contact us
for more information at +65 6415 4500 or email to
general @petrosync.com
PetroSync Quality Assurance
All PetroSync courses are developed with top quality to
address all your training needs and purposes. Our courses
are vetted strictly to ensure that we always deliver the best
courses with the best industry expert.
general@petrosync.com | +65 6451 4500 | www.petrosync.com
08:00—09:00 Registration (Day 1) 13:00—14:00 Lunch
09:00—11:00 Session I 14:00—15:30 Session III
11:00—11.15 Refreshment Session I 15:30—15:45 Refreshment Session II
11:15—13:00 Session II 15:45—17:00 Session Iv (Last Session)
Course Schedule
ACCOUNTING & FINANCE | CRUDE OIL TRADING & PRICE RISK MANAGEMENT

4. 4
Course Agenda — 5 Days
general@petrosync.com | +65 6451 4500 | www.petrosync.com
DAY 1-Markets, Supply & Demand, Transportation
Trading Markets
 Physical
 Spot
 Forwards
 Term
 Over-The-Counter (OTC)
 Swaps
 Options
 Exchanges
 Futures
 Options
 Forward Curves
Supply and Demand Issues
 Geopolitics
 What is crude oil
 Reserves
DAY 2-Pricing
Crude Evaluation & Refining
 Classification and assay
 Gross product worth (GPW)
 Simple distillation
 Cracking
Exercises:
 Calculating crude values using gross product worth
(GPW)
 Valuing different crudes using spread values from a
benchmark price
Oil Products Markets
 Consumption
 Refinery margins
 Trends in refining
 Product
 Markets and trading
Benchmarks
 What is a benchmark?
DAY 3-The Foundations of Price Risk Management
Trading Markets
 Physical
 Spot
 Forwards
 Term
 OTC
 Swaps
 Options
 Exchanges
 Futures
 Options
 Forward curves
 Supply and consumption
 Structure of the Markets
 Trends
Exercise: Supply and Demand Headlines
Trading Crude
 Market locations
 Contracts
 Pricing mechanisms
 Price exposure
Trading Game
 What makes a grade a benchmark
 Main global benchmarks
 West Texas Intermediate (WTI)
 American Customer Satisfaction Index (ACSI)
 Dubai
 Brent
 Future developments of oil
Brent
 Dated Brent
 BFOE-21 Day
 Intercontinental Exchange Brent
 The Exchange of Physical (EFP) Premium
 Contract for Differences (CFD)
 Bwave
Pricing Methodology
 Platts
 Petroleum Argus
Exercise: Technical Analysis-A structural Approach
Trading Game
Physical Pricing Mechanisms
 Fixed pricing
 Floating pricing
 Indexation
 Price exposure-profit and loss
 Volatility
Exercises:
 Calculating the physical price volatility and the square
root of time rule
 Calculation of physical/derivative price correlation
 Identification of price risk
ACCOUNTING & FINANCE | CRUDE OIL TRADING & PRICE RISK MANAGEMENT

5. 5
general@petrosync.com | +65 6451 4500 | www.petrosync.com
DAY 4– Price Risk Management-Hedging Instruments
Exchange of Futures for Physical (EFP)
 Objective of an EFP
 Increase in open interest
 Decrease in open interest
 No change in open interest
Trigger Pricing and Basis Trading-A Form of Hedging
 Objectives
 Trigger pricing process
 Basis trading
 Establishing the basis
 Trading out
Exercise:
Hedging with futures-with and without basis risk
Hedging as producer, refiner, consumer and trader using
futures
Hedging
 Basic principls and onjectives
 Identification of risk
 Credit, operational, basis etc.
 Risk matrix
 Value-at-risk (VaR)
 Hedging volumes
 Cashflow-at-Risk (C-FaR)
Futures
 Basic concept
 Definitions and terminology
 Profit & loss, long & short
 Exercise and delivery vs. cash settlement
 Pricing and Forward Curves
 Cost of carry
 Contango
 Backwardation
 Basis
 The Clearing House
 Clearing
 Central counterparty
 Margin
 Exercise and delivery
DAY 5– Price Risk Management-Hedging Instruments
Swaps
 Basic structure
 Plain vanilla
 Buyer vs. Seller
 Fixed for floating
 Cash flow
 Different Types of Swaps
 Differential
 Participation
 Extenable
 Double-Up
 Swaption
 Pre-paid
 Margin or crack
 Pricing Swaps
 Forward curve
 Contango
 Backwardation
 Futures
 OTC clearing
 Dodd Frank
 EMIR
Exercise: Hedging as a producer, refiner, consumer and
trader using futures
Advanced Hedging Instruments
 Basic concept
 Definition and terminology
 Exercise and delivery
 Buyers and sellers, rights and obligations
 Characteristics of options
 Risk and award
 Profit and loss
 Basic Trades
 Long call
 Short call
 Long put
 Short put
 Gearing
 Principles of pricing
 Options premium
 Intrinsic value
 Time calue
 Volatility
 Option sensitivities-The Greeks
 Delta
 Gamma
 Rho
 Theta
 Vega
Exercise: Hedging as a producer, refiner, consumer and
trader using option
Designing a Risk Management Programme
 International accounting standards and hedging
 Policies and procedures
 Control and supervision
 Organisation, roles and responsibilities
ACCOUNTING & FINANCE | CRUDE OIL TRADING & PRICE RISK MANAGEMENT

6. 6
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Session 1 : Crude Oil Trading | Price Risk Management
29 February– March 4, 2016 in Singapore
Session 2 : Crude Oil Trading | Price Risk Management
March 7-11, 2016 in Kuala Lumpur, Malaysia
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