Commodities

Oil, gas, metals and agriculture: curves, storage, OPEC+ and the dollar.

1. M1The commodity complexSay what commodities are and who trades them, and turn an oil or gold futures price into a profit or loss.7 min
2. M2The futures curve: contango and backwardationWork out a fair futures price from today’s price, and say what it means when later months cost more or less.8 min
3. M3Roll yield and commodity investingWork out what rolling futures costs or earns, and explain why an oil fund can lose money while oil rises.7 min
4. M4Spreads: cracks, sparks and locationsWork out a refinery’s margin and a power plant’s margin, and say when moving oil from one place to another pays.8 min
5. M5Supply, demand and the dataRead a weekly oil stocks report against forecasts, work out how long stocks would last, and trace a supply or weather shock to prices.7 min
6. M6Hedging for producers and consumersWork out how many futures a business needs to protect its price, the price it ends up with, and what can still go wrong.8 min
7. M7Gold and precious metalsExplain what moves the gold price, convert it into pounds, and compare it with silver.7 min
8. M8Power, gas and the energy transitionFind the power plant that sets the electricity price, work out a gas plant’s margin after paying for carbon, and explain 2022.8 min
9. M9Market structure and crisesWork out the cash a futures position must pay after a price jump, and explain how negative oil and the 2022 nickel crisis tested exchanges.8 min