By Tom James
Strength cost possibility is the practitioner's consultant to optimizing corporation functionality utilizing the proper fee possibility recommendations and instruments. in response to the author's large adventure within the commodity derivatives undefined, it comprehensively covers the entire spectrum of the strength complicated, together with crude oil, petroleum items, normal fuel, LPG/LNG, and electrical energy. utilizing many labored examples, this booklet deals sensible insights and ideas.
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Additional resources for Energy Price Risk
EFET European Federation of Electricity Traders. This is the organisation that created the EFET master trading agreement which the forward power and natural gas markets of continental Europe tend to trade under. 28 ENERGY PRICE RISK Events In derivatives contract terms, an event is something that happens in the real world and in turn triggers an ‘event’ in a swap agreement. For example, when Enron had its credit rating downgraded this triggered a ‘credit event’ in some of its derivatives trades and it was forced to place collateral with some of its counterparts, creating a huge cash flow crunch and in turn triggering its downfall.
KEY FACTS ABOUT FUTURES CONTRACTS A futures contract is a standardised agreement between two parties that: ■ Commits one party to sell and the other party to buy a stipulated quantity and grade of oil, gas, power, coal, or other specified item at a set price on or before a given date in the future. com/ Requires the daily settlement of all gains and losses as long as the contract remains open. For futures contracts remaining open until trading terminates, the expiry of the contract provides either for delivery of the underlying physical energy product or a final cash payment (cash settlement).
The up-and-out barrier is less expensive than a standard Asian, European or American option because the underlying price may fall below the SWAPS AND OPTIONS 21 strike price after initially rising, hitting the barrier and cancelling the option. However, there may be liquidity issues with this strategy, as there are a limited number of traders in the market who may be able to quote you this more complicated option strategy. The common and more liquid option markets in energy – calls and puts, caps and floors On futures exchanges, traded options are referred to as calls and puts, while in the OTC market the same sort of contracts are referred to as caps and floors.