Latest Publications

The Consilience Guide-set

companion oil books

Consilience shares many years of front-line trading experience to provide these encyclopedic guides to the international crude oil and refined oil product trading markets.

If you are looking for a step-by-step guide to a future career as an oil trader or, if you are a business executive or industry professional seeking an overview of how the market works, these focused oil trading books will help develop the knowledge of the reader, taking them through oil trading strategy and documentation in a format that is easy to follow using conceptual techniques that are unique to Consilience.

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Trading Crude Oil: The Consilience Guide

tco oil booksIt is a risk management manual that explains in detail the physical oil market internationally, the price formation process and the instruments available to manage price risk their benefits and their shortcomings.

It provides a detailed description of how to implement physical oil cargo transactions, shipping and pipeline operations and refinery techniques.

The book seeks to deploy the experience of its authors to meet the needs of the trading community and the much wider audience of professionals in industry, finance and the legal and regulatory sectors who may need an overview or deeper understanding of how trading works in practice.

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Trading Refined Oil Products: The Consilience Guide

refined oil booksTrading Refined Oil Products: the Consilience Guide” is a companion volume to “Trading Crude Oil: the Consilience Guide”. Experienced crude traders know that to understand the value of the different types of crude oil that are produced around the world, they need to understand the shifting market for the products that can be manufactured from crude oil in the refining and blending processes.

Experienced refined products traders think the crude guys have it easy. Crude traders more or less sell whatever comes out of the ground: the refined product traders know that to make a margin they have to meet strict product specifications that change with the seasons and with tightening environmental legislation.

As for hedging, the crude traders complain about basis risk, which means they often have to hedge a cargo of “apples” with a financial instrument based on “oranges”. The products traders often have to hedge their “apples” with a financial instrument based on “artichokes”.

This book explains the refining process, the regional markets for each of the main refined product groups and the speciality products that get traded worldwide, the meaning of the quality specifications, the transport of products and the establishment and risk management of refined oil product prices

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Previous Publications

“Bossley’s Guide to Energy Conversions”

A 100 page book, published by the Petroleum Economist, that offers readers a comprehensive guide to industry conversions, including coal, nuclear and emissions, with human scale analogies for non-specialist managers and advisors (March 2002).

“The Hole in the Barrel”

A 60,000 word study combining a policy overview of the Brent oil market and a detailed review of the tools deployed in the market. Published by Cambridge Energy Research Associates (CERA). The study correctly forecast the need for a change in the marker crude (December 2000).

“Trading Natural Gas in the UK”

A 20,000 word study reviewing the history of privatisation in the UK and the introduction of the Network code. Commissioned and published by Robert Mabro, Director of the Oxford Institute for Energy Studies (December 1999)