Understanding oil prices: a guide to what drives the price of oil in today’s markets

INDICE: Foreword xiiiPreface xvQuick Reference Guide xixList of Figures xxiiiList of Tables xxviiList of Boxes xxix1 TheWorld Crude Oil Paradoxes 12 The Market Events from 2008 to 2011 7World Energy Policy 8The Financial Crisis andthe Oil Market 10Fundamentals or Financial Speculation? 17Demand/Supply of Gasoline and Gasoil 21WTI - Brent Differential 243 Evolution of the Price of Crude Oil from the 1960s up to 1999 291960-1980: The Oil Monopoly and the Two Crises in the 1970s 30The 1980s: The Gradual Disappearance of OPEC 33The Price War 351985-2000: From the Introduction of Brent as an International Benchmark tothe Clean Air Act 37The Suicide of OPEC 40The Start of the Free Market 41The Consequences of the Environmental Turnaround 444 Changes in the Market for Automotive Fuels 45Evolution of Environmental Demand 45Gasoline and its Components 50Reforming 51Cracking 52Alkylation 53Isomerization 53Refiners Walk the Tightrope 53The Fiscal Policy of the Industrialized Countries Regarding Fuels 555 World Oil Flow 63Transformations in the Downstream 66World Supply Structure 706 The Classical Model of the International Oil Market 737 The Short-term Modelof the International Oil Market 818 The Brent Market 89The Sale and Purchase Contract 90The Forward Market for Brent (15 day Brent Contract) 94The IPE Brent Market 100The Divorce Between Oil Price and Oil 1029 Principal Uses of the Forward and Futures Markets 105Tax Spinning 105Benchmarking 105Hedging the Price Risks 106Speculations on Operational Flexibilities at Loading 114Market Structure: Contango and Backwardation 117Procedures at the Loading Terminals 11910Problems of the Brent Forward Market 12311 The European Refinery Crisis 13112Conclusions:We are Ourselves OPEC 155Bibliography 163Index 165

• ISBN: 978-1-119-96272-4
• Editorial: John Wiley & Sons
• Encuadernacion: Rústica
• Páginas: 224
• Fecha Publicación: 20/03/2012
• Nº Volúmenes: 1
• Idioma: Inglés