1st Edition

40 Classic Crude Oil Trades Real-Life Examples of Innovative Trading

By Owain Johnson Copyright 2022
    256 Pages
    by Routledge

    256 Pages
    by Routledge

    The day-to-day world of crude oil traders is not usually open to outsiders. Few non-specialists appreciate how oil traders approach the markets, what their backgrounds are and how they make money.

    This book brings the oil trading world to vivid life by introducing the reader to 40 real-life trades or strategies that were carried out by named market participants. The 40 chapters cover different geographies and different crude oil markets, providing an unparalleled insight into how crude oil traders work and think. Oil trading developed in its current form in the 1980s and the chapters cover these early beginnings through to the present day. The trades have been grouped in sections that relate to the nature of each trade and its broader use as an example of a successful trading style. Sections cover approaches to arbitrage trading; the impact of geopolitics; logistics and storage plays; short-term versus longer term trading; managing new crude oil grades; trading crude oil derivatives.

    The book provides plenty of inspiration for current or prospective crude oil traders or analysts. It will also be valuable for academic researchers, business school case studies, and for anyone wanting to learn more about the individuals that shape the world’s most important commodity market.

    1. Night Flight To Siberia – Colin Bryce 2. A Sweet Deal – Philippe Khoury 3. Where Physical Meets Paper – Kurt Chapman 4. A False Arbitrage – Adi Imsirovic 5. A Russian Arbitrage Strategy – Trym Nordhus 6. Leveraging Local Knowledge – Ralf-Dieter Poth 7. Finding The Global Optimal – Manosh Saha Macro & Micro Trading 8. Calling A Collapse – Eric Rubenstein 9. Learning From Misfortune – Cui Zhenchu 10. Facing A Force Majeure – Anne Devlin 11. Trading The Micro Structure – Sylvia Low 12. Financing Oil Traders – Philippe Cohen 13. Starting From ‘Why Not’ – Alessandro Liberati Spot versus Term Trading 14. Publish And Circulate – Elizabeth Bossley 15. Bringing Indexation to Russia – Elena Lobodina 16. Updating The NOC Model – Juan Carlos Fonnegra 17. Flexibility Of Supply – Mohammed Minkara 18. Turning Weakness Into Strength – Michael Dugdale 19. The Value Of Persistence – Geena Malkani Logistics and Storage Trading 20. Preserving Pipeline Economics – John Krus 21. A U.S. Pipeline Frenzy – Anne Summers 22. Finding Interesting Niches – Michael Hacking 23. Smoothing Logistics – Chris Del Vecchio 24. Trading Floating Storage – Daphne Teo 25. Trading Around Strategic Storage – Justus van der Spuy Trading New Crude Oil Grades 26. Marketing The First Brent – Richard Johnstone 27. Flexibility Plays – Rajaraman Jayaraman 28. Refining The First Norwegian Oil – Bridie Tobin 29. Marketing A New Stream – David Jorbenaze 30. Splitting Basrah – Thomas Andersen 31. Asia’s Shift To Sour – Trading Crude Oil Derivatives – Andrew Dodson 32. WTI Proves Itself – Thomas McMahon 33. From Floor To Screen -- Steve Roberts 34. Bringing Brent Onscreen – Milan Kratka 35. Trading Opaque Markets – Greg Newman 36. Trading As A Calling Card – Gary King 37. A Chart For Success –  Trading Crude Oil Options – Kevin McCormack 38. Trading On Behalf Of A Nation – Gerardo Rodríguez 39. The Invention Of Synthetic Storage – Ilia Bouchouev 40. Making A Major Shift – Richard Fullarton


    Owain Johnson is the Global Head of Research of CME Group, and the author of The Price Reporters: A Guide To PRAs And Commodity Benchmarks.

    "From the personal interviews with the main players involved, readers will learn how business opportunities are detected and executed, with a first-hand story that illustrates the nuances behind the trade."

    — Ricardo Raineri, Energy Expert and Consultant, Past President IAEE.

    “A unique window into the world of oil trading and the traders that drive the markets. The book is a collection of forty trades, contributed by the traders themselves.”

    — Paul Chapman, Managing Partner and Co-Head of HC Group.

    “I strongly recommend anyone having an interest in commodity trading/operations/finance to read this insightful overview of how the industry has evolved over the past 50 years. A must read I reckon.”

    — Jean-Wandrille Méchet, Gasoline Trader, ExxonMobil.

    “A truly fascinating piece of reading that looks at the world of crude oil trading from a rare angle, as traders are generally very secretive about their business.”

    — Alessandro Liberati, Retired Head of Crude Oil Trading, BB Energy.