Course 20 of 20 · Crude Oil Desk Academy

Integrated Crude Merchant Simulation

Stage F, Structuring and integration. Level 10 of 10.

A full merchant book run under cash, logistics and credit constraints, with every decision defended.

121 chapters · 11 modules · every chapter one 8 to 10 minute explainer · builds on: Course 14, Course 16, Course 18, Course 19

Enrol or enquire See the 121 chapters
How a chapter is sized

One chapter is one idea taken to the point of use

Each chapter is a single self-contained explainer of 8 to 10 narrated minutes, covering one idea to the point where you can use it.

Chapters run in order. Each one assumes only what the chapters before it taught, and capability belonging to a later course is named and deferred rather than half-covered.

Curriculum

11 modules · 121 chapters

Open any module for its full chapter list, in teaching order.

M0 The Mandate and the Opening Book Ch 1-10
  1. Taking the Desk: Reading the Mandate
  2. The Opening Position Report You Inherit
  3. The Inherited Hedge Book and What It Was For
  4. Your Credit Lines as They Stand on Day One
  5. The Term Contracts You Did Not Negotiate
  6. Freight and Storage Commitments Already Signed
  7. Setting Risk Appetite Inside the Mandate
  8. The Statement of Intent You Must File
  9. How Every Decision Will Be Scored
  10. Declaring the Trades You Will Refuse
M1 The Market as Given Ch 11-20
  1. The Screen at Simulation Open
  2. Reading the Curve You Are Handed
  3. The Differential Sheet and What It Implies
  4. Freight and Vessel Availability on Day One
  5. The Refining Margin Environment
  6. The Balance and Stock Picture Supplied to You
  7. What You Are Deliberately Not Told
  8. Separating Evidence from Rumour
  9. Forming a View You Can Be Held To
  10. Filing the View Before the First Trade
M2 First Round: Buying Ch 21-30
  1. Four Cargoes Offered, One Afternoon
  2. Scoring the Offers on Delivered Value
  3. The Barrel You Want Against the Barrel You Can Fund
  4. Term Lifting or Spot Opportunity
  5. The Offer You Turn Down
  6. Committing: The First Purchase Goes On
  7. The Counter-Offer That Arrives Too Late
  8. Negotiating the Pricing Window
  9. Review: The Buying Round Examined
  10. Defending the Purchase That Was Wrong
M3 First Round: Selling and Placement Ch 31-40
  1. The Buyers Sitting in Front of You
  2. Pricing a Sale Off Your Own Cost Basis
  3. Selling Into a Blend Window
  4. The Refinery Enquiry Due Within the Hour
  5. Holding Length or Clearing It
  6. The Sale That Creates a Timing Gap
  7. Committing: The Sales Go On the Book
  8. The Net Exposure You Have Built
  9. Review: The Selling Round Examined
  10. Graded on Reasoning, Not on Outcome
M4 Execution and What Goes Wrong in It Ch 41-52
  1. Nominating the First Cargo
  2. The Laycan That Will Not Hold
  3. The Substitution Request You Must Answer
  4. The Demurrage Clock Starts Running
  5. The Loaded Figure Is Not the Nominated Figure
  6. Documents Against an Indemnity
  7. Proration Cuts Your Allocation
  8. The Tank You Cannot Get Into
  9. Rebuilding the Operational Plan
  10. Chairing the Operations Call
  11. Review: What Execution Cost
  12. The Operational Failure You Caused
M5 Hedging and Funding Decisions Ch 53-64
  1. The Exposure Report After Execution
  2. Choosing What to Hedge and What to Carry
  3. Sizing a Hedge Against a Moved Pricing Period
  4. The Residual Basis You Accept Knowingly
  5. A Structured Alternative to the Linear Hedge
  6. Paying for Protection You May Never Use
  7. The Funding Request You Must Submit
  8. Borrowing Base Arithmetic on Your Own Book
  9. Opening the Letters of Credit
  10. Margin Timing Against Cargo Timing
  11. Committing the Hedge and Funding Plan
  12. Defending the Hedge Ratio to Treasury
M6 Month-End Close, Position and Attribution Ch 65-76
  1. Freezing the Book for Close
  2. Valuing the Unpriced Cargoes
  3. Marking the Hedge Book
  4. The Position Report You Must Sign
  5. Three Profit Numbers, One Book
  6. Attributing Result to Its Causes
  7. Chasing the Unexplained Variance
  8. Reconciling Operations Against the Ledger
  9. Reconciling Your Record to the Counterparties
  10. Justifying the Accruals
  11. Presenting the Close to the Controller
  12. Review: What the First Close Revealed
M7 Injected Events: Supply and Quality Ch 77-88
  1. Event: The Loading Terminal Shuts
  2. Deciding Inside the Hour
  3. Replacement Barrels or Force Majeure
  4. Booking the Replacement Cost
  5. Defending the Disruption Response
  6. Event: The Cargo Fails on Sulphur
  7. Quantifying the Quality Claim
  8. Reject, Reprice or Blend It Out
  9. The Claim You Choose Not to Make
  10. Defending the Dispute Outcome
  11. Review: Supply and Quality Events Scored
  12. The Right Call That Lost Money
M8 Injected Events: Credit and Counterparty Ch 89-100
  1. Event: The Credit Line Is Cut
  2. Reprioritising the Book Against Less Cash
  3. The Cargo You Must Sell to Survive
  4. Choosing Which Relationship to Disappoint
  5. Defending the Liquidity Response
  6. Event: A Buyer Does Not Pay
  7. Declaring Default and Measuring the Loss
  8. The Collateral You Can Actually Reach
  9. Unwinding the Hedge on a Dead Trade
  10. Reporting the Failure to the Credit Committee
  11. Review: The Credit Events Scored
  12. What You Should Have Seen Coming
M9 Injected Events: The Market Turns Ch 101-110
  1. Event: The Curve Flips Against You
  2. The Hedge Was Right and the Result Is Ugly
  3. Hold or Unwind Under Pressure
  4. The Storage Decision Reopened
  5. The Arbitrage Closes Mid-Voyage
  6. Divert the Vessel or Take the Loss
  7. Defending a Decision With a Bad Outcome
  8. The Limit Breach You Must Report
  9. Review: The Market Events Scored
  10. Separating Skill from Luck in Your Own Result
M10 Final Close and the Defence Ch 111-121
  1. The Final Freeze
  2. Attribution Across the Whole Run
  3. The Cash Reconciliation That Must Tie
  4. Writing the Book Narrative
  5. The Decision Log You Kept Throughout
  6. Facing the Panel: The Trading Decisions
  7. Facing the Panel: Operations and Documents
  8. Facing the Panel: Credit and Liquidity
  9. Facing the Panel: Hedging and Risk
  10. The Question You Cannot Answer
  11. What the Simulation Could Not Test

The brochure gives each of these 121 chapters a paragraph on what it covers and what you can do once you have worked through it.

This is course 20 of twenty

It stands alone, and it is also the entry point to the Crude Oil Desk Academy pathway.

Enrol or enquire See the whole pathway