Understanding Oil Prices (eBook)
224 Seiten
John Wiley & Sons (Verlag)
978-1-119-96290-8 (ISBN)
Industry expert Salvatore Carollo explains that the truth behind today's increasingly volatile oil market is that over the past two decades oil prices have come untethered from all classical notions of supply and demand and have transcended any country's, consortium's, cartel's, or corporate entity's powers to control them. At play is a subtler, more complex game than most analysts realise (or are unwilling to admit to), a very dangerous game involving runaway financial speculation, self-defeating government policymaking and a concerted disinvestment in refinery capacity among the oil majors.
In Understanding Oil Prices Carollo identifies the key players in this dangerous game, exploring their competing interests and motivations, their moves and countermoves. Beginning with the 1976 oil embargo and moving through the 1986 Chernobyl incident, the implementation of the US Clean Air Act Amendments of 1990, and the precipitous expansion of the oil futures market since the turn of the century, he traces the vast structural changes which have occurred within the oil industry over the past four decades, identifying their economic, social and geopolitical drivers, and analysing their fallout in the global economy. He explores the oil industry's decision to scale down refining capacity in the face of increasing demand and the effects of global shortages of petrol, diesel, jet fuel, fuel oil, chemical feedstocks, lubricants and other essential finished products, and describes how, beginning in the year 2000, the oil futures market detached itself almost completely from the crude market, leading to the assetization of oil, and the crippling impact reckless speculation in oil futures has had on the global economy. Finally he proposes new, more sophisticated models that economists and financial analysts can use to make sense of today's oil market, while offering industry leaders and government policymakers prescriptions for stabilising the market to ensure a relatively steady flow of affordable oil.
A concise, authoritative guide to understanding the complex, oft misunderstood oil markets, Understanding Oil Prices is an important resource for energy market participants, commodity traders and investors, as well as business journalists and government policymakers alike.
About the author SALVATORE CAROLLO graduated in engineering from the University of Palermo, where he also served as a lecturer and researcher. In 1975 he began working at eni; both in Italy and abroad where he was active in various sectors of the petroleum downstream, refining, market research, supply and trading of crude oil. Since 1995 he has been based first in Amsterdam and then in London as the manager of the Upstream Marketing Department, where he is responsible for the commercial relations with several producing countries and eni partners in various joint ventures. Within this area he provides support to eni corporate university, through teaching activities at the Mater MEDEA and organizing the annual Oil Market and Commercialization of Crude Oil seminar. He is often called in as an expert by various institutions in the oil sector to provide his own analysis on the dynamics of oil prices.
Foreword xiii
Preface xv
Quick Reference Guide xix
List of Figures xxiii
List of Tables xxvii
List of Boxes xxix
1 TheWorld Crude Oil Paradoxes 1
2 The Market Events from 2008 to 2011 7
World Energy Policy 8
The Financial Crisis and the Oil Market 10
Fundamentals or Financial Speculation? 17
Demand/Supply of Gasoline and Gasoil 21
WTI - Brent Differential 24
3 Evolution of the Price of Crude Oil from the 1960s up to
1999 29
1960-1980: The Oil Monopoly and the Two Crises in the
1970s 30
The 1980s: The Gradual Disappearance of OPEC 33
The Price War 35
1985-2000: From the Introduction of Brent as an
International Benchmark to the Clean Air Act 37
The Suicide of OPEC 40
The Start of the Free Market 41
The Consequences of the Environmental Turnaround 44
4 Changes in the Market for Automotive Fuels 45
Evolution of Environmental Demand 45
Gasoline and its Components 50
Reforming 51
Cracking 52
Alkylation 53
Isomerization 53
Refiners Walk the Tightrope 53
The Fiscal Policy of the Industrialized Countries Regarding
Fuels 55
5 World Oil Flow 63
Transformations in the Downstream 66
World Supply Structure 70
6 The Classical Model of the International Oil Market
73
7 The Short-term Model of the International Oil Market
81
8 The Brent Market 89
The Sale and Purchase Contract 90
The Forward Market for Brent (15 day Brent Contract) 94
The IPE Brent Market 100
The Divorce Between Oil Price and Oil 102
9 Principal Uses of the Forward and Futures Markets
105
Tax Spinning 105
Benchmarking 105
Hedging the Price Risks 106
Speculations on Operational Flexibilities at Loading 114
Market Structure: Contango and Backwardation 117
Procedures at the Loading Terminals 119
10 Problems of the Brent Forward Market 123
11 The European Refinery Crisis 131
12 Conclusions:We are Ourselves OPEC 155
Bibliography 163
Index 165
Erscheint lt. Verlag | 22.11.2011 |
---|---|
Reihe/Serie | Wiley Finance Series | Wiley Finance Series |
Sprache | englisch |
Themenwelt | Recht / Steuern ► Wirtschaftsrecht |
Technik ► Elektrotechnik / Energietechnik | |
Wirtschaft ► Betriebswirtschaft / Management ► Finanzierung | |
Schlagworte | Finance & Investments • Finanzmarkt • Finanz- u. Anlagewesen |
ISBN-10 | 1-119-96290-0 / 1119962900 |
ISBN-13 | 978-1-119-96290-8 / 9781119962908 |
Haben Sie eine Frage zum Produkt? |
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