This course provides an overview of the North Sea crude oil trading market, commonly referred to as the Brent market. It covers the physical crudes that underpin the market, the instruments that are traded, and how the market is assessed by the price reporting agencies.
You’ll learn about how Brent is used as a global pricing benchmark, and how ‘Brent’ is really five North Sea crude oils – Brent, Forties, Oseberg, Ekofisk and Troll, as well as one US crude oil – WTI Midland. We’ll review how the forward market works and how it can mature to become physical cargoes, known as the dated market. You’ll understand the different instruments traded in the Brent futures market, including tradable markers and TAS contracts, and how EFPs link the futures and forward markets. We’ll also cover Brent swaps, including CFDs and DFLs. We’ll review how the leading price reporting agencies assess the price of Brent, and, finally, this course will provide an overview of how the Brent and North Sea market has evolved.
Practice exercises and self-assessment quizzes are included to help reinforce key topics introduced throughout the course.
A comprehensive final test will be given at the end of the course.
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