| Introduction to energy markets |
| ▪ | History, characteristics and geopolitics of oil, gas and electricity markets
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| ▪ | Organisation of OTC and listed markets
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| ▪ | Relationship between physical and financial markets
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| ▪ | Role of energy market key-players
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| ▪ | Price formation and analysis of market organisation
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| ▪ | Use of price structure in risk management
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| ▪ | Price relationship between the oil, gas and electricity markets |
| Use of derivatives in energy markets |
| ▪ | Definition and characteristics of conditional and non-conditional derivatives
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| ▪ | Hedging price risk on each market
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| . | Examples of simple strategies
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| . | Examples of combined strategies
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| ▪ | Option pricing elements
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| . | Elements determining an option price
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| . | Definition of volatility
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| . | Defintion of time value and intrinsic value
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| International trade |
| ▪ | Trends and organisation of international commodity markets
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| Soft commodities |
| ▪ | Introduction to soft commodity markets and their specific characteristics
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| ▪ | Fundamentals and market structure
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| ▪ | Forward markets
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| ▪ | Relationship between commodities' prices and the price of derivatives
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| ▪ | Interpretation, forecast and evolution of soft commodities' prices |
| From market analysis to risk management policies |
| ▪ | Analysing markets
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| ▪ | Defining a risk management policy framework
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| ▪ | Hedging strategies used by soft commo professionals |
| Introduction to metal markets |
| ▪ | Underlying markets and uses
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| ▪ | Role of metal markets in the world industry and economy
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| ▪ | Interaction between geopolotics, world economy and metal prices
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| ▪ | Market key-players
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| ▪ | Price structure: forward curve
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| ▪ | Example of organised market: the LME, history and organisation |
