Table of Contents
Acknowledgements ix
Introduction 1
Trading arbitrages 9
1 Night flight to Siberia Colin Bryce 10
2 A sweet deal Philippe Khoury 15
3 Where physical meets paper Kurt Chapman 21
4 A false arbitrage Adl Imsirovic 27
5 A Russian arbitrage strategy Trym Nordhus 33
6 Leveraging local knowledge Rale-Dieter Poth 38
7 Finding the global optimal Manosh Saha 43
Macro & micro trading 49
8 Calling a collapse Eric Rudenstein 50
9 Learning from misfortune Cui Zhenchu 56
10 Facing a force majeure Anne Devlin 61
11 Trading the micro structure Sylvia Low 67
12 Financing oil traders Phileppe Cohen 71
13 Starting from "why not' Alessandro Liberati 77
Spot versus term trading 83
14 Publish and circulate Elizabeth Bossley 84
15 Bringing indexation to Russia Elena Lobodina 89
16 Updating the NOC model Juan Carlos Fonnegra 94
17 Flexibility of supply Mohammed Minkara 100
18 Turning weakness into strength Michael Dugdale 105
19 The value of persistence Geena Malkani 110
Logistics and storage trading 115
20 Preserving pipeline economics John Krus 116
21 A U.S. pipeline frenzy Anne Summers 121
22 Finding interesting niches Michael Hacking 127
23 Smoothing logistics Chris Del Vecchio 132
24 Trading floating storage Daphne Teo 137
25 Trading around strategic storage assets Justus Van Der Spuy 143
Trading new crude oil grades 151
26 Marketing the first Brent Richard Johnstone 152
27 Flexibility plays Rajaraman Jayaraman 158
28 Refining the first Norwegian oil Bridie Tobin 163
29 Marketing a new steram David Jor Benaze 168
30 Splitting Basrah Thomas Andersen 174
31 Asia's shift to sour Andrew Dodson 181
Trading crude oil derivatives 187
32 WTI proves itself Thomas McMahon 188
33 From floor to screen Steve Roberts 194
34 Bringing Brent onscreen Milan Kratka 200
35 Trading opaque markets Greg Newman 205
36 Trading as a calling card Gary King 210
37 A chart for success Kevin McCor Mack 216
Trading crude oil options 221
38 Trading on behalf of a nation Gerardo Rodríguez 222
39 The invention of synthetic storage Ilia Bouchouev 228
40 Making a major shift Richard Fullarton 233
Further reading and bibliography 239
Index 241
