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The terminology, concepts and mechanics of energy trading.
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What futures contracts, options and derivatives are, and how these financial instruments are used to hedge price risk.
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How futures contracts trade, and how the NYMEX operates.
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What basis risk is, and how it can destroy a futures hedge.
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How basis trading works, and why it's important to understand.
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What commodity swaps are, and what their advantages and disadvantages are versus futures contracts.
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How over-the-counter dealers, brokers and electronic exchanges operate.
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The difference between financial and physical basis is, and why it matters.
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What EFPs are, and why they are used by sophisticated traders.
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What the wholesale energy trading equation is, and what its implications are to trading and to the dealer book.
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The terminology, concepts and mechanics of energy and electricity options.
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How to use energy options to create price caps, price floors and "no-cost" collars.
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What the option Greek letters mean, and how to delta hedge.
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How to calculate annualized volatility, and the basics of option pricing
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How to buy and sell volatility.
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How otc options can be used to create structured transactions.
