Course Contents
Module 1: Hydrocarbon Markets and Value Chain Fundamentals
Key Topics
- Hydrocarbon value chain from source to final customer
- Crude oil, gas, LNG, NGL and refined product market roles
- Upstream, midstream, downstream and trading interfaces
- Supply, demand, inventories and trade flow fundamentals
- Market participants, business models and value drivers
- Physical versus paper markets and their commercial purpose
- Commercial KPIs: margin, exposure, working capital and risk
Module 2: Pricing, Benchmarks and Commercial Valuation
Key Topics
- Crude oil benchmarks, grades and location differentials
- Refined product, gas, LNG and NGL pricing structures
- Spot, term, index-linked and formula-based pricing
- Freight, storage, quality, timing and basis adjustments
- Netback, parity pricing and arbitrage value concepts
- Crack spreads, spark spreads and processing margins
- Market intelligence, price reporting and decision support
Module 3: Trading Contracts, Logistics and Operations
Key Topics
- Physical trading contracts and key commercial clauses
- Incoterms, title transfer, risk transfer and delivery points
- Nomination, scheduling, lifting and cargo operations
- Shipping, pipelines, terminals, storage and demurrage risks
- Product quality, specifications, blending and inspection
- Credit, payment security, guarantees and counterparty risk
- Operational constraints affecting trading decisions
Module 4: Risk Management, Hedging and Portfolio Control
Key Topics
- Price, basis, liquidity, operational and credit risk exposure
- Futures, swaps, options and hedging principles
- Hedging physical cargoes, inventories and refinery margins
- Mark-to-market, P&L, VaR (Value at Risk) and exposure reporting basics
- Trading limits, governance and segregation of duties
- Compliance, sanctions, conduct and documentation controls
- Stress testing, scenario analysis and risk escalation
Module 5: Value Chain Optimisation and Commercial Strategy
Key Topics
- Integrated asset, trading and market optimisation
- Storage, blending and logistics optimisation opportunities
- Refinery, gas plant and LNG portfolio value levers
- Arbitrage, seasonality and regional market positioning
- Digital tools, analytics and decision-support dashboards
- Commercial strategy under volatility and disruption
- Practical capstone workshop: optimise a hydrocarbon value chain portfolio

