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Downstream Training

Downstream Training. Marketing and other sections Updates for COP. Motor Fuels Pricing System – Typical. And, it is very important to know which price is which!. (cents per gallon). Unleaded Unleaded Stage Regular Premium. Spot a 73.01 79.43 Rack b Majors - Branded 75.85 87.79

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Downstream Training

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  1. Downstream Training Marketing and other sections Updates for COP

  2. Motor Fuels Pricing System – Typical And, it is very important to know which price is which!... (cents per gallon) Unleaded Unleaded Stage Regular Premium Spota 73.01 79.43 Rackb Majors - Branded 75.85 87.79 Independents - Unbranded 75.57 86.06 DTWc: Dealer Tankwagon 81.15 93.26 Retail: Street (with taxes) 116.40 134.90 a New York spot b Weighted average nationwide rack c Nationwide DTW Source: Oil Daily

  3. S&T P16 Need most recent version of this file Options Crude Oil 1,000 bbls.; $ per bbl. Strike Calls-Settle Puts-Settle Price Aug. Sept. Oct. Aug. Sept. Oct. 1950 1.28 .81 .63 .13 .47 .79 2000 .88 .55 .43 .23 .71 1.08 2050 .55 .35 .. .40 1.01 .. 2100 .34 .22 .20 .69 1.37 1.85 2150 .20 .. .. .. .. .. 2200 .12 .09 .08 1.47 2.24 .. Est vol 22,728 Tu 4,844 calls 6,390 puts OP int Tues 198,885 calls 150,593 puts Heating Oil No. 2 42,000 gal.; $ per gal. Strike Calls-Settle Puts-Settle Price Aug. Sept. Oct. Aug. Sept. Oct. 50 .0301 .0366 .0435 .0050 .0076 .0096 51 .. .0298 .. .0078 .0107 .. 52 .0167 .0238 .0310 .0115 .0146 .0169 53 .0117 .0185 .0259 .0165 .. .0217 54 .0080 .0145 .0208 .0227 .0252 .0266 55 .. .0112 .. .0310 .. .. Est vol 1,579 Tu 491 calls 420 puts OP int Tues 22,521 calls 9,775 puts Published Price Information Prices from the Wall Street Journal... Futures Crude Oil Lifetime Open Open High Low Settle Change High Low Interest Aug. 19.95 20.70 19.85 20.65 + 0.69 20.75 16.65 84,836 Sept. 19.27 19.90 19.17 19.84 + 0.57 19.90 19.17 42,779 Oct. 18.72 19.35 18.72 19.34 + 0.50 19.40 16.86 26,650 Nov. 18.68 18.95 18.55 19.03 + 0.48 19.02 16.70 22,253 Dec. 18.41 18.66 18.34 18.83 + 0.47 20.40 16.65 33,017 Jan. '97 18.24 18.40 18.23 18.65 + 0.45 18.67 16.70 20,892 Heating Oil No. 2 Lifetime Open Open High Low Settle Change High Low Interest July .5117 .5275 .5117 .5234 + .0017 .5590 .4590 12,828 Aug. .5150 .5300 .5150 .5252 + .0102 .5460 .4645 21,146 Sept. .5200 .5320 .5200 .5292 + .0092 .5470 .4725 9,418 Oct. .5260 .5385 .5255 .5342 + .0087 .5510 .4795 5,600 Nov. .5325 .5410 .5325 .5392 + .0082 .5555 .4870 6,751 Dec. .5380 .5470 .5375 .5447 + .0082 .5595 .4945 18,256

  4. S&T P33 Need most recent version of this file Example: Call Option Call example: The right to buy crude at $16.00 per bbl... Position Premium Dollar Premium Delta Buy one $16 crude oil call $1.09 $1,090 +.53 Maximum risk $1.09 per barrel or $1,090 per contract Maximum profit Unlimited on upside Break-even futures price $17.09 Light, Sweet Crude Oil 5000 4000 3000 2000 1000 0 -1000 -2000 Value of exercised option at @ given price Profit/Loss ($) 11 12 13 14 15 16 17 18 19 20 21 22 23 Premium Futures Price ($)

  5. S&T P34 Need most recent version of this file Example: Put Option Put example: The right to sell crude at $16.00 per bbl... Position Premium Dollar Premium Delta Buy one $16 crude oil put $1.09 $1,090 +.47 Maximum risk $1.09 per barrel or $1,090 per contract Maximum profit Unlimited on downside Break-even futures price $14.91 Light, Sweet Crude Oil 5000 4000 3000 2000 1000 0 -1000 -2000 Profit/Loss ($) Value of exercised option at @ given price Premium 11 12 13 14 15 16 17 18 19 20 21 22 23 Futures Price ($)

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