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This text presents a unified analytical approach to the three main groups of commodity markets : energy, agriculture, and metals. Particular emphasis is placed on the pricing of energy in the context of deregulation of gas and electricity markets worldwide. The technical discussions systematically emphasize the differences (or similarities) between commodities futures and the corresponding properties of stocks and bond markets.
1. Fundamentals of commodity spot and futures markets: instruments, exchanges and strategies --- 2. Equilibrium relationships between spot prices and forward prices --- 3. Stochastic modeling of commodity price processes --- 4. PlainVanilla option pricing and hedging: from stocks to commodities --- 5. Riskneutral valuation of plainvanilla options --- 6. MonteCarlo simulations and analytical formulae for Asian, Barrier and Quanto options --- 7. Agricultural commodity markets --- 8. The structure of metal markets and metal prices --- 9. The oil market as a world market --- 10. The gas market as the energy market of the next decades --- 11. Spot and forward electricity markets --- 12. Commodity swaptions, swing contracts and real options in the energy industry --- 13. Coal, emissions and weather --- 14. Commodities as a new asset class..
