Introductory chapter giving a general overview of oil, coal, natural gas and electricity markets, divided in:
1) A small introduction to the different types of contracts (spot, futures, forwards, etc.), difference between prices on exchanges and OTC, and price formation mechanisms.
2) An overall view of the global oil markets (including major producers and consumers) and major benchmarks (WTI, Brent, Dubai). How have prices evolved since 2012 and what major factors affect oil prices (including major economic and geopolitical events that affected oil prices during this period, such as the shale revolution, the increase of American production, OPEC negotiations, etc.).
3) An overall view of the global natural gas markets (including major producers and consumers), with a focus on the most liquid trading hubs in Europe (TTF, NBP, ZEE..) and how are prices formed there. How have prices evolved since 2012 (again, focusing on Europe) and how the markets have evolved, and the major causes for that evolution (impact of LNG on the global markets, the situation of pipelines in Europe, etc.). This part should also talk about the relationship between oil and natural gas (here a small introduction about how oil and natural gas are related in reservoirs and at extraction level should also be included), and the impact of shale gas.
4) An overall view of the global coal markets (including major producers and consumers), and the most liquid markets and how are prices formed there. How have prices evolved in the most liquid markets since 2012 (with a focus on the API2 in Europe), major economic and geopolitical events that have affected coal prices during this period such as the Chinese overproduction, and the relationship of oil, coal and natural gas (their complementarity, how coal and natural gas can be substitutes, etc.).
5) An overall view of the European electricity markets and how have they evolved since 2012. This part should refer the electrical interconnection between the EU countries and how it has evolved, and a particular focus should be given to the price formations mechanisms in markets with a diversified energy mix (it should refer the merit order principle and how renewables shift the supply curve, market coupling between strongly interconnected markets, etc.). A special focus should be given to the electricity exchanges of Germany (EPEX DE, EEX DE), France (EPEX FR, EEX FR) and Iberia (OMEL) and how those prices have evolved since 2012. The energy mix, and its evolution since 2012, of Germany, France, Spain and Portugal should also be referred as it impacts the respective electricity prices.
