Importanceofhedgingandhedgingtoolsintheenergytradingmarket20041222PCLCFBLGTOPLGCFBLPTOPC3•/••••4NYMEXIPESingapore5••••6•––––•7••CFRCHINA()•(70%)•.•,,MRSIZE(30K-60K)•,,.8•,,.•,,,.•,.,,,.9:•–(NYMEXIPE)–()––•–()–––10?•“”“”•“”Platt’sMOPS•HSFO180MPOS:¾92005,00091112311731MOPS5,000¾¾1411•,,,,,•…•,,,,...•,,...•,,...12•–DatedBrent–DubaiSwap,Brent/DubaiEFS–APPITapis,•:–Naphtha,–Jet/Kero,–Gasoil,–FuelOil,–Regrade•-•-,13•DubaiBrent/Dubai––Dubai–BrentDubai•–-––•–••14•MOPS,.•.•,.•MOPS,,MOPS.15•••––––16!Thankyou!