[Petroleum] - Energy Derivatives - Crude Oil and Gas.pdf

文档介绍：PRODUCT SUMMARY
E NERGY D ERIVATIVES
Crude Oil and Natural Gas
Prepared by
The Financial Markets Unit
Supervision and Regulation
PRODUCT SUMMARY
E NERGY D ERIVATIVES
Crude Oil and Natural Gas
Prepared by:
Karen McCann
Mary Nordström
Financial Markets Unit
December 1995
PRODUCT SUMMARIES
Product summaries are produced by the Financial Markets Unit of the
Supervision and Regulation Department of the Federal Reserve Bank of
Chicago. Product summaries are published periodically as events warrant
and are intended to further examiner understanding of the functions and
risks of various financial markets products relevant to the banking indus-
try. While not fully exhaustive of all the issues involved, the summaries
provide examiners background information in a readily accessible form
and serve as a foundation for any further research into a particular prod-
uct or issue. Any opinions expressed are the authors’ alone and do not
necessarily reflect the views of the Federal Reserve Bank of Chicago or
the Federal Reserve System.
Should the reader have any questions, comments, criticisms, or sugges-
tions for future Product Summary topics, please feel free to call any of the
members of the Financial Markets Unit listed below.
FINANCIAL MARKETS UNIT
Joseph Cilia [phone]
Adrian D’Silva [phone]
TABLE OF CONTENTS
Introduction......................................................................................................................................................1
Banks’ Involvement in Energy Markets ..............................................................................................................2
Major Energy Derivative Products .....................................................................................................................2
The Over-the-Counter Energy Markets.......................................................................................................3
Average P