Flat and Spread Training
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Question 1 of 10
1. Question
A large refinery in the region has been unexpectedly shutdown. What impact would this event have on calendar spreads along the gasoil forward curve?
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Question 2 of 10
2. Question
Oil Trader buys crude oil at Urals June average and sells at Urals July average + 0.50 USD/bbl. Urals differentials to Dated Brent trade at:
June (-3.00) usd/bbl
July (-2.00) usd/bbl
What would the economic outcome of this trade be if you hedged it? -
Question 3 of 10
3. Question
When you buy June/Dec calendar spread at 0 (flat) you worst case scenario is:
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Question 4 of 10
4. Question
Which of the following would best describe storage play strategy?
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Question 5 of 10
5. Question
According to the market rumours there is a large airline trying to hedge its next year fuel costs in the market. How would you expect this transaction affect the market term structure?
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Question 6 of 10
6. Question
Oil Trader is looking to sell a fuel oil swap for next month. Current price indication is at 605/607 USD/mT. At a certain point of time the Trader sees Brent futures come off 1 USD/BBL. Using 6.35 bbls/mT conversion rate, at what price should the Trader expect to complete his trade?
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Question 7 of 10
7. Question
Current market indication from your broker are as follows:
Dtd Brent Swap, USD/BBL 110.50/110.60
GO Crack Spread, USD/BBL 19.30/19.40
Jet Differential, USD/mT 54/56
Using conversion coefficient of 7.45 BBL/mT, at what price would you expect to buy a Jet swap? -
Question 8 of 10
8. Question
You have just learned that unionized workers of a major European airline have gone on strike. Which of the following instruments would you expect to be the most sensitive to such news?
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Question 9 of 10
9. Question
You have just learned that there is an unexpected shut down of a coking unit at the large refinery in your market? Which of the following trading strategies would reflect such market news?
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Question 10 of 10
10. Question
On January 15, current market indications from your broker are as follows:
Dtd Brent Swap, USD/BBL:
Feb 110.60/110.70
Mar 110.20/110.10Naphtha Crack Spread, USD/BBL:
Feb -5.60/-5.40
Mar -5.65/-5.45Due to down cycle in the petrochemical industry you predict oversupply of Naphtha in the local market. Using conversion coefficient of 8.9 BBL/mT, which position would reflect your market view if you decided to trade at the current market prices?
