石油贸易手册1.pdf

Oil Trading Manual Contents Index Part 1: Characteristics 1 The trading of oil 1.1 Why oil is traded 1.2 Trading characteristics of oil 1.3 Structure of the oil market 2 Physical characteristics and refining 2.1 Introduction 2.2 Uses of oil products 2.3 Pricing 2.4 Properties of oil products 2.5 Crude oils 2.6 Oil refining 2.7 Environmental factors 2.8 Measurement, sampling and testing Appendix Contents 3 Oil pricing arrangements 3.1 Types of pricing mechanism 3.2 Fixed prices 3.3 Floating prices 3.4 Applying pricing mechanisms 3.5 Sources of price information Part 2: Instruments and markets 4 Crude oil markets 4.1 Introduction 4.2 North Sea 4.3 Mediterranean 4.4 West Africa 4.5 United States 4.6 Middle East 4.7 Asia Pacific 4.8 Latin America Appendix 5 Product markets 5.1 Introduction 5.2 Europe 5.3 United States 5.4 Asia Pacific Appendix 6 Futures and forward contracts 6.1 Introduction 6.2 What are futures and forward contracts? 6.3 The pricing of futures and forward contracts 6.4 How are futures and forward contracts used? 6.5 Conclusions vi Contents 7 Forward paper markets 7.1 Introduction 7.2 Structure and organisation 7.3 Europe 7.4 United States 7.5 Arab Gulf and Far East 7.6 Future developments Appendix 8 Oil futures exchanges 8.1 Introduction 8.2 The oil futures exchanges 8.3 Delivery procedures 8.4 Options on oil futures 8.5 Clearing mechanisms 8.6 Future developments 9 Options 9.1 Introduction 9.2 What is an option? 9.3 Using