market views from vienna j energy matters · 2020-02-28 · vienna. w e are excited to announce our...

JBC Energy GmbH, Tel: +43 1 513 49 22, [email protected], www.jbcenergy.com , Registered with Commercial Court of Vienna, FN 304295

Analytics. Studies. Modelling. The Oil and Gas Market’s Independent Research Centre.

JBC Energy Market Views from Vienna

Matters An event not to be missed!

Enjoy two full days of JBC Energy’s straight-talking and to-the-point analysis during our 4th Annual JBC Energy Matters Seminar (10 & 11 September)

You also have the opportunity to benefit from three additional days of intensive JBC Energy Training (7-9 September)

This is a unique chance to access JBC Energy’s latest research material, featuring a comprehensive slide package (400+ slides) and a special Excel data compilation

Network with industry peers and the JBC Energy team

Closed doors – no media – no promotional presentations

Book soon – limited places available! Sold out last year.

To register & find out more, please visit www.jbcenergy.com/seminar or contact us at [email protected]

2 [email protected], www.jbcenergy.com

JBC Energy VIENNA

Matters

W e are excited to announce our 4th Annual JBC Energy

Matters Seminar, which will be held in Vienna, Austria on 10-11 September 2020.

■ Spend two days immersed in stimulating presentations and discussions, covering the most relevant aspects of upstream, downstream, and natural gas markets.

■ The first day will focus on crude and residues, while the second day will pivot towards natural gas, lights ends, and middle distillates.

■ Content is key – no media will be present at the conference, nor will any promotional presentations be held.

■ Close proximity to the OPEC headquarters and the possibility to extend your visit over the weekend present an ideal opportunity to combine our conference with networking outside of the event and a visit to the heart of Europe. For those on a tight schedule, we have timed the start of the seminar to accommodate intra-European

flights.

■ To maximise the value of your attendance, we will provide you with a comprehensive slide package covering all sessions that will include our cutting-edge research.

■ NEW: Benefit from three

additional days of intensive

training covering a range of topics,

including:

Energy trading, risk manage-

ment, and pricing

LNG/natural gas insights

Views from Vienna

The Seminar at a Glance

For the latest seminar updates, please visit our website: www.jbcenergy.com/seminar

JBC Energy GmbH Wollzeile 6-8 1010 Vienna, Austria Tel. +43 1 513 4922 www.jbcenergy.com

Contact us at: [email protected]

“Structure was excellent as were the slides. Concise

and to the point. The presenters were very

knowledgeable.”

“Very good presentations/ presenters!”

“You should be proud of the team. I participate in many similar events, but

here everything is perfect.”

“Very professional, excellent presenters, good atmos-

phere. Congratulations and will recommend for our col-

leagues. Thank you!!!”

100% of participants said they would recommend the

seminar

99% of participants said they

would come again


JBC Energy VIENNA

Matters

Day 1 – Thursday, 10th September 2020

The Dirty Barrel – Overview, Crude, and Residues

9:00 Registration

9:30 Welcome Coffee

10:00 Block 1: Big Picture and Crude Markets

Our founder and chairman will kick off the seminar, providing his original and thought-provoking big-

picture market overview, known from our Benigni on Oil Markets publication. We will then focus on

the key driving factors for global crude markets before pivoting towards our specific views on balanc-

es, trade flows, and crude prices (outright, diffs, structure).

US shale oil: between a slowdown and potential upside surprise

New suppliers joining an already-crowded space

OPEC+ would face a greater challenge were it not for geopolitics hampering supply

Developments between peak oil demand growth and peak oil demand

JBC Energy’s short and long-term oil price outlook

How do refining capacity, oil demand, and crude supply requirements match up (or not)?

What do our crude balances tell us?

Forecasting key spreads: Brent/WTI and Brent/Dubai

Which marginal changes have the best chance of becoming the key drivers of diffs?

The first day of the seminar will focus on physical crude and product markets through 2020 and 2021. We will offer

our take on fundamentals, highlighting outstanding developments, relevant imbalances, and key uncertainties.

In the afternoon of Day 1, we will look at residue markets and their relevance for refining margins. We

will also take a look back at how the IMO played out and what we can learn from it.

A review of developments since the introduction of new bunker specs

How did we manage to get it largely right, and what can we learn from this specific experience?

A few words on the outlook for freight rates

Residues as key drivers of refinery margins

What do marginal changes in secondary refining capacity imply for the future?

Do we foresee further downside to VLSFO and upside to HSFO prices?

Will secondary feedstock trade increase or decline going forward?

Which fuel oil price is the best one to look at?

12:30 Lunch Break

14:00 Block 2: Residues and Secondary Feedstocks as Key Drivers of Refinery Margins

17:00 End of Day 1

17:30 City Walk

One-hour walk through the city centre

19.00

Dinner/Evening Event

Cocktail reception and flying dinner at “Das Loft Bar & Lounge” (Rooftop – SO/ Vienna

Hotel)


JBC Energy VIENNA

Matters

13:00 Lunch Break

14:30 Block 5: Implications for Suppliers, Refiners, Traders, Shippers, and Tank Operators

11:00 Coffee Break

11:30 Block 4: Diesel and Jet Fuel as Main Victims of Market Developments?

9:00 Block 3: Competition within/from Natural Gas and Light Ends

Cheap electricity, ample supply of natural gas and light-ends, and at best mixed demand-side perspec-

tives are all pressuring the market for natural gas, ethane, LPG, naphtha, and gasoline. In the first block

of Day 2, we will explore trends, balances, and price perspectives for each product.

How resilient are natural gas producers really against low prices?

Are there any clearly discernible trends in US NGLs production?

Where do we see petrochemical feedstock demand in the short and longer term?

Will China and India’s external LPG requirements continue to soar?

How does the global gasoline market balance out?

The naphtha paradox: too much light distillate vs support from refinery run cuts

How far off is peak oil (excluding C2-C4s)?

Middle distillates had a rough start to the year – for various reasons. A quick look forward does not nec-

essarily indicate that things will improve much. In this segment, we will explore key drivers, as well as

adjustments required on the side of the refining system and its capability to implement them.

Demand against the backdrop of an unsupportive socioeconomic outlook and climate change

A focus on trucking – changing needs and new ways of transporting goods

The likelihood of diesel and jet rebalancing ahead of the winter

Market structure perspectives relative to crude and gasoline

What refining investments are needed in the longer term to balance product markets?

How fast will the European diesel short shrink, and which suppliers will survive?

How much upside to jet fuel yields is left in key markets?

Concluding our JBC Energy Matters Seminar, we will summarise our main findings. In particular, we will

translate our supply/demand/trading balance forecasts into concrete strategies for various industry

players.

Suppliers: exploring the upside and downside for oil and gas prices

Refiners: what are the key pressure points for consolidation? What set-up adjustments ap-

pear most likely to pay off? What about potential crude-procurement opportunities?

Traders: our “top three” most confident calls on deviations from forward market indications

Shippers: a five-year outlook on clean and dirty trade flows

Tank operators: key trade-flow changes and the likelihood of contango

16:00 End of Seminar – Coffee Talk

Day 2 – Friday, 11th September 2020

The Clean Barrel – Natural Gas, Lights Ends, and Middle Distillates

The second day of the seminar will explore natural gas and light and middle distillate fundamentals in the short-to-

long term. Particular attention will be paid to the transportation and petrochemical sectors on the demand side, as

well adjustments required in refining operations. To round things off, we will distil the main implications and present

our recommendations on a player-by-player basis.


JBC Energy VIENNA

Matters

LNG/Natural Gas Insights – This training has been

designed to provide participants with a thorough

understanding of natural gas and LNG market fun-

damentals and with the skills to identify key driv-

ers of the natural gas and LNG industries. The fo-

cus of the course is firmly on commercial factors,

making it perfect for anyone in a market-facing

role. Drawing on JBC Energy’s 25 years of experi-

ence as natural gas market analysts and consult-

ants, the course examines how gas markets work

from the wellhead all the way to the end user.

LNGI also takes advantage of JBC Energy’s market

research and proprietary forecasting models to

project future industry trends.

Energy Trading, Risk Management, and Pricing –

This training aims to enable participants to identi-

fy, measure, and manage risk in its many forms by

applying proper tools through disciplined evalua-

tion and decision-making. Volatility, counterparty

exposure, credit requirements, government regu-

lations, unexpected “black swan” events, and geo-

politics keep traders in a perpetual state of high

alert. To formulate an effective risk-management

strategy, today’s front-, middle-, and back-office

executives must apply a holistic approach that be-

gins with understanding the environment your

firm operates in, what risks it faces, and how best

to measure, monitor, and manage them.

Johannes Benigni is the Chairman

and Founder of the JBC Energy

Group.

Richard Gorry is the Managing

Director of JBC Energy Asia

(Singapore).

Pre-Seminar Training

9 September 2020

Pre-Seminar Training

7-8 September 2020

JBC Energy Pre-Seminar Training Programme

For 25 years, JBC Energy has been conducting trainings for the world’s leading oil and gas companies in oil market

fundamentals, pricing, trading, and risk management. In this time, thousands of attendees have come through our

doors, and many have gone on to become key decision-makers in the industry. Our training programmes are de-

signed to help our clients organically meet their HR objectives by providing them with the tools to develop their staff

skill levels from the time they enter the company as fresh graduates until the time they reach the boardroom. Prior

to the JBC Energy Matters Seminar, we offer our clients the opportunity to participate in two of our public courses.

What We Offer

VIENNA

JBC Energy Matters

City

Vienna

We look forward to welcoming you to Austria’s

beautiful capital, Vienna. A fitting location for our JBC

Energy Matters Seminar, being home to both JBC

Energy and OPEC headquarters. Situated at the heart of

Europe, with excellent connections to many major

cities, Vienna provides the perfect opportunity to

combine the seminar with a weekend stay.

Seminar Location

SO/ Vienna Hotel The seminar itself will be held at the SO/ Vienna Hotel,

located at the heart of the Austrian capital in the

vicinity of the historic old town around St. Stephen's

Cathedral.

Praterstrasse 1

1020 Vienna,

Austria

Seminar - Day 1

Evening Reception

An evening reception is planned for the end of the first

day of the seminar, which will give attendees the

chance to enjoy a cocktail reception and dinner while

savouring a breathtaking view of the Austrian capital

and exchanging ideas. We hope you will take advantage

of this networking opportunity!


JBC Energy VIENNA

Matters

JBC Energy Matters Seminar – Market Views from Vienna

Registration and Participation Form

T his two-day seminar offers in-depth presentations and workshops on all major areas

of JBC Energy’s oil and gas market and industry research, the opportunity for face-to-face interaction with our analysts, a chance for networking and exchanging views, as well as the possibility to delve into JBC Energy’s in-house Supply, Demand and Pricing Model (SuDePTM).

10-11 September 2020 SO/ Vienna Praterstrasse 1 1020 Vienna, Austria If you want to make use of our multiple attendee registration for your firm, please reach out to us at

[email protected].

Please note that our offer may be subject to change.

Seminar Fees*

JBC Energy Retainer Client

1st Attendee

Early Bird Fee** (€) 1,500

Full Fee (€) 2,000

Additional Attendees


Full Fee (€) 1,500

NON JBC Energy Retainer Client

1st Attendee


Full Fee (€) 3,500

Additional Attendees


Full Fee (€) 2,500

* Seminar Fees cover the content and services as outlined in this document and also include confer-ence material as well as lunch and refreshments for the 2-day Seminar.

** Early Bird Fee applies to bookings received by JBC Energy no later than 15 June, 2020. For registration, please return this signed form to [email protected].

Attendee Company (also referred to as “Client”):

Company Name

Street

Zip Code City

Country

VAT Number (EC Only)

Tel.

Client Accounts/Billing Address

Attn

Position

E-Mail

Tel.

Mobile

Attendee Details

Same as Client Contact Person

Last Name

First Name

Position

Location

Tel.

E-Mail

I would wish to participate in the complimentary networking event

Signature

Signature of this Form constitutes acceptance of the applicable Terms and Conditions – see Terms & Conditions.

Signee Details

Name

Title

Date

JBC Energy GmbH (also referred to as “JBC”), Wollzeile 6-8, 1010 Vienna, Austria, [email protected], Tel: +43-1-513 49 22, Registered with Commercial Court of Vienna, FN 304295


JBC Energy VIENNA

Matters

JBC Energy Pre-Seminar Training Programme

Registration and Participation Form

Training Fees*

Energy Trading, Risk Manage-

ment, & Pricing (ETRMP)

7-8 September

Price per attendee 2,000

LNG/Natural Gas Insights

(LNGI)

9 September

Price per attendee 1,000

Full Training Package (LNGI &

ETRMP)

7-9 September

Price per attendee** 2,500

* Training Fees cover the content and services as

outlined in this document and also include training

material as well as lunch and refreshments for the

training days.

** Discounted Fee only applies to booking received

to both the Seminar and Training Programme

For registration, please return this signed form to [email protected].

Attendee Company (also referred to as “Client”):

Company Name

Street

Zip Code City

Country

VAT Number (EC Only)

Tel.

Client Accounts/Billing Address

Attn

Position

E-Mail

Tel.

Mobile

Attendee Details

Same as Client Contact Person

Last Name

First Name

Position

Location

Tel.

E-Mail

Signature

Signature of this Form constitutes acceptance of the applicable Terms and Conditions – see Terms & Conditions.

Signee Details

Name

Title

Date

T his training programme is designed to help our clients to organically meet their HR

objectives by providing them with the tools to develop their staff skill levels. The trainers’ hands-on experi-ence and expert content guarantees that our courses will meet the re-quirements of all participants who want to further their commercial “on-the-ground” understanding of the oil and gas business.

7-8 & 9 September 2020

Vienna, Austria

If you want to make use of our multi-ple attendee registration for your firm, please reach out to us at

[email protected]

Please note that our offer may be subject to change. There is a mini-mum and maximum capacity for the trainings, and the registration will only be valid after confirmation, which will be provided at the latest by end June 2020.


JBC Energy VIENNA

Matters

JBC Energy Matters Seminar & Pre-Seminar “Training Programme”

Terms & Conditions - Registration & Participation

1. Parties to this Agreement: The Client (as defined in the Registration & Participation Forms) and JBC Energy (defined as JBC Energy GmbH and its Subcontractors) are collectively referred to as the "Parties" and each as a "Party" to this Agreement. 2. Scope of this Agreement: The Registration & Participation Form will define the Services (also referred to as “Seminar” or “Training”) for which the Client registers and for which the Client shall pay Seminar and/or Training Fees. 3. Payments: Invoices issued are payable within [14] days of receipt but latest by August 21, 2020. Payments shall be deemed effective when the invoiced amounts are credited to the account of JBC Energy in Vienna, Austria. The bank account details will be provided separately. All payments made by the Client pursuant to this SSA shall be paid without deduction for or on account of any present or future taxes, unless the Client is required by law to deduct such taxes. In that event: (a) all taxes required by law to be deducted or withheld by the Client from payments under this SSA shall be paid by the Client when due with a copy of the official certificate acknowledging payment from the appropriate authorities being provided forthwith to JBC Energy; and (b) the Client shall pay such additional amount to JBC Energy so that JBC Energy, after the deduction or withholding for or on account of taxes, receives the full Seminar and/or Training Fees. The Client shall indemnify JBC Energy against any claims on the basis of taxes payable in any country other than Austria and the Client shall hold JBC Energy harmless from any obligations arising from the Client’s country tax regulations and any potential costs associated with such obligations such as, but not limited to, employment of tax advisors or administrative staff. 4. Cancellation Policy: Registration & Participation Forms for Seminar and/or Training Services, respectively, shall be considered independent from each other. The cancellation of either Services shall not affect the validity of the other Services. No refunds will be made for Client cancellations received by JBC Energy one month or less prior to the start date of the registered Service. Client cancellations received by JBC Energy up to one month before the start date of the registered Service will be subject to a 50% fee. In case of any payments to be made by the Client following a cancellation of participation by the Client, the Client shall be entitled to EITHER receive the respective materials of the cancelled Service OR receive the payable fees’ value in the form of other

JBC Energy services at the Client’s sole discretion, of which the Client shall notify JBC Energy in writing (email shall suffice). In the unlikely event of cancellation of the Seminar and/or Training by JBC Energy, registration fees will be refunded in full, and JBC Energy shall have no further liability. 5. Substitution Policy: Named Attendees (as defined in the Registration & Participation Form) may only be substituted with the prior consent of JBC Energy. 6. Disclaimer: Attendees are responsible for their own travel arrangements, hotel accommodation and costs. JBC Energy will not resume any responsibility or liability for these arrangements. JBC Energy will not accept liability for non-approval of visas, individual transport delays and transport disruptions, and in such cases, our normal cancelation policy and penalties apply. Where matters beyond the reasonable control of JBC Energy impair or prevent JBC Energy from being able to perform their obligation pertaining to the events, the Client/Attendee releases JBC Energy from any liability, incidental or consequential, to such matters. 7. Intellectual Property: The Client/Attendee agrees and acknowledges that all proprietary rights, including but not limited to copyrights, patents and trade secrets in the Seminar and/or Training Services, other analytical advice, related data and information and in all components thereof (the “Intellectual Property”), are and shall remain the property of JBC Energy and its sources and providers and that nothing in any part or the whole of this framework shall be construed to transfer or convey any Intellectual Property rights. The Client/Attendee shall not communicate, distribute, transfer, sell, or otherwise furnish or permit to be furnished any Seminar and/or Training materials or information contained therein or provided in connection therewith to any non-participant without the express written consent of JBC Energy. No recording or other reproduction of the Seminar and/or Training of any kind is permitted. For the avoidance of doubt, all Training materials will only be provided in print-out but not in electronic form. Any copying or reproduction of these Training materials, including but not limited to scanning into an electronic retrieval system or copying to any database, without the prior written permission by JBC Energy is strictly prohibited. The Client/Attendee shall honour and comply with all reasonable requests to protect the contractual, statutory, and common law rights of JBC Energy, its sources and providers. The Client/Attendee acknowledges that JBC Energy is

entitled to injunctive relief to prevent a breach or future breach of the provisions of this clause 7 without prejudice to any other relief including a claim for damages. Any and all pictures or other recordings of the Seminar and/or Training, and any related events arranged for by JBC Energy remain the sole intellectual property of JBC Energy and the Client/Attendee gives his/her explicit consent that JBC Energy may use pictures or other recordings for JBC Energy’s commercial and marketing purposes, such as but not limited to displaying these on JBC Energy’s webpage and featuring them in any other marketing materials created by JBC Energy. For the avoidance of doubt, such commercial and marketing usage shall not include the public distribution of the names of participating Clients/Attendees. 8. Delivery of Service: JBC Energy and the Client understand that work performed under this Agreement is wholly performed in the Republic of Austria. 9. Warranties: JBC Energy warrants that it will use reasonable care and skill in providing the Seminar and/or Training Services and that these services will be performed by appropriately qualified and trained personnel with due care skill and diligence and in a good workmanlike manner and in accordance with good industry practice. JBC Energy provide no other warranty and in particular provide no warranty that any result or objective can or will be achieved or attained by the provision of the Seminar and/or Training Services. The information provided during the Seminar and/or Training shall be seen as a market analysis service and it does not constitute a solicitation for the purchase or sale of any commodity or financial instrument. Any persons acting on information provided during the Seminar and/or Training do so solely at their own risk. 10. Jurisdiction: This Agreement shall be governed by and construed in accordance with the laws of England and Wales. The courts of England have exclusive jurisdiction to settle any dispute between the Parties arising out of or in connection with this Agreement (including a dispute regarding its existence, validity or termination or the consequences of its nullity, a “Dispute”). The Parties agree that the courts of England are the most appropriate and convenient courts to settle any Dispute and accordingly no Party will argue to the contrary.

market views from vienna j energy matters · 2020-02-28 · vienna. w e are excited to announce our...

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