Energy Commodities Trading Margarita Brouwer-Boulankova September 2018 36th USAEE/IAEE North American Conference.

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Presentation transcript:

Energy Commodities Trading Margarita Brouwer-Boulankova September 2018 36th USAEE/IAEE North American Conference

Key Message Crude and refined products are the largest traded commodities in the world by volume and value US production is growing & the US is increasingly playing a large role as a Global Trader The Market has evolved and dynamics are changing rapidly especially in recent years Financial players are changing the trading environment from a traditional fundamental supply & demand focus to more opportunistic and short-term event driven trading

Who are the Traders Physical Trader Financial Trader Moving Physical Commodity Speculative Trading

Commodities in the Supply Chain Truck Truck Pipeline Refining Refined Products Storage / Terminaling Pipeline End Market Exploration & Production Rail Rail Crude Oil Storage / Terminaling Export Barge Barge Tanker Tanker Trading and Hedging Trading and Hedging

Global Crude Oil & Liquids Production 1,000,000 bbls per day Source: EIA

Crude Oil Import to the US 1,000 bbls per day 14% decline since 2010 Source: EIA

Crude Oil Export from the US Over 2mln bbls pd by June 2018 1,000 bbls per day 140% increase in 2 years Source: EIA

Refined Products Export from the US 1,000 bbls per day 80 % increase in 7 years 130 % increase in 10 years Source: EIA

US as the Global Trading Partner 10 years Ago Imports / Exports from selected key regions Crude imports Crude imports (larger volumes) Refined products imports Crude exports Refined Products exports Source: EIA

US as the Global Trading Partner Today Imports / Exports from selected key regions Crude imports Crude imports (larger volumes) Refined products imports Crude exports Refined Products exports Source: EIA

Contango vs Backwardation Spread $ per bbl WTI $ per bbl Contango Pipeline disruption

WTI-Brent Spread $ per bbl Export ban lifted

Final Remarks The markets are changing rapidly with growing demand and production diversity Open global markets stimulate more trading activities The trading strategies are adapting to various market structures